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Yarmolenko had previously stated he was “95 per cent” certain to leave the club when his contract expires at the end of next month and will be available on a free transfer, having scored 13 times in 86 appearances for the Hammers.
Fredericks is expected to return to newly-promoted Fulham, from whom he joined West Ham in 2018, as Moyes looks to upgrade his options at full-back during the window.
The pair are two of four first-team players confirmed as leaving the club, with captain Mark Noble retiring from the game, while goalkeeper David Martin departs at the end of his contract having only been included in one matchday squad all season as Moyes has shared league and cup duties between Lukasz Fabianski and Alphonse Areola.
Areola’s loan spell from PSG is also up following the end of the campaign, but West Ham are expected to exercise an option to make the deal permanent.
Moyes will be backed in the transfer market this summer having secured a second successive season of European football, with a striker, central midfielder and left-back high on the agenda.
Talks are progressing over a deal to sign Rennes centre-back Nayef Aguerd, while Nottingham Forest defender Joe Worrall is another target should the Championship club fail to win promotion in this weekend’s Play-Off Final against Huddersfield.