Lowe joined from Blackburn Rovers on a one-year deal but, after just 11 appearances for Blues, he has not been retained and the 26-year-old will now have to search for a new club.
Shinnie leaves after spending the last two seasons out on loan, with his last appearance for Birmingham coming against Bournemouth in the FA Cup third round in January 2016.
The 28-year-old impressed on loan at Luton Town in the season that's just finished, scoring three goals and grabbing seven assists across all competitions to help the Hatters secure promotion from League Two.
Meanwhile, goalkeeper David Stockdale has reportedly been told he can leave the club just a year after joining.
The former Brighton man was first choice at St Andrew's under three different managers - Harry Redknapp, Steve Cotterill and then Garry Monk.
His possible exit comes as a surprise, though, after making 39 appearances across the season.
Veteran defender Paul Robinson has already confirmed he is retiring at the age of 39.
Celtic skipper Scott Brown insists Champions League football remains key even after more than a decade at the club.
Brighton have completed the signing of midfielder Yves Bissouma on a five-year deal from French side Lille.
Rafael Benitez has admitted he will have to 'wheel and deal' this summer if he is to get the men he wants to rebuild his team.
Joe Hart's future remains up in the air but he has been included in the Manchester City squad for the summer tour to the United States.