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Speaking to the clubs official website Waddock said, "I can confirm that Rhys Day, Rob Elvins and Junior Mendes will not be having their contracts renewed for next season.
"I would like to take this opportunity to thank all three players for their efforts at Aldershot Town Football Club and for the contribution that they made last season as the club gained promotion to the Football League after winning the Blue Square Premier title and the Setanta Shield. It was a tremendous achievement.
"On behalf of Aldershot Town Football Club I wish all three players the very best for the future and wish them well."
Speaking to the Aldershot News, Day spoke to reporter Charlie Oliver about the news and revealed that he was disappointed but had accepted that it is part and parcel of football.
"I'd been keen to speak to The Gaffer [Gary Waddock] and eventually he pulled me in and explained there would be nothing for me at Aldershot," said Day, speaking on Sunday.
"My first question was 'Why?' He said I had done everything he had ever asked of me. That I'd been a great pro and a good servant to the club, after playing more than 100 games.
"But, the way the club is going, he said we're not going to be able to offer you anything. It was nothing to do with my performances, he would have liked me to stay; it is a money matter. There is simply not enough money available to make it viable for me to stay.
"I am gutted. But, at the end of the day, if there's not enough money for a contract, what can The Gaffer do?"
He continued, "Some of the players have said to me 'I can't believe they have not offered you anything' but The Gaffer has to do what's best for Aldershot Town."
For the full Rhys Day interview, click on the link below:
http://www.gethampshire.co.uk/sport/aldershottownfc/s/2049254_day_knows_its_all_over