As confirmed by the club’s official website, this trio have been put on the transfer list ahead of the summer window which is set to open next month.
Preston have also released 13 players as manager Ryan Lowe looks to craft his own squad.
After being limited to just 11 league appearances in the 2020/21 campaign, Tom Bayliss was loaned out to Wigan Athletic last year.
The midfielder failed to make a major impact during his loan spell with the Latics as he only featured on 16 occasions for the club.
Olosunde would have been hoping to become a key member of Preston’s side after joining the club in the previous summer transfer window.
As for Harrop, he was loaned out by Preston to Fleetwood Town in January.
During his time at Highbury Stadium, the attacking midfielder failed to score a goal or register an assist in the five games that he participated in.
By receiving a reasonable amount of money for these players, the Lilywhites could potentially reinvest in their squad by signing some individuals who they believe will be able to help the club reach new heights.
A permanent exit for Olosunde, Harrop and Bayliss could also turn out to be beneficial for this trio.
By joining teams who are willing to offer them the opportunity to play on a regular basis in the Football League, Olosunde, Harrop and Bayliss could potentially revive their respective careers.
With teams looking to assemble squads over the summer, it will be interesting to see whether these aforementioned players attract any interest from elsewhere.