Musonda and Chapman were on loan at Arrows from Orlando Pirates and Bidvest Wits.
"The club has made a collective decision to promote our young players and give them necessary game-time in readiness for next season," says club coach Clinton Larsen, who recently cut ties with another hitman, Mabhuti Khenyeza.
"I'm sure you have started to see the likes of (Sibusiso) Sibeko, (Nkosinathi) Sibisi, (Kwanele) Hlongwane and Ricardo Goss, and all these boys are starting to see some game-time.
"Both Chapman and Musonda were on loan at the club and in order for us to blood in young players we need to downsize the club and that has been the reason why we released them.
"We are using these last seven games to give some of our younger players from the Multichoice Diski team valuable time and exposure for next season."
Meanwhile, Chicken Inn trio Danny Phiri, Tafadzwa Kutinyu and striker Moses Demera are currently on trial at Abafana Bes'thende.
"Yes, we have them in our training for an assessment at the moment and it is the time now to assess trialists until the end of the season," Larsen confirms to KickOff.com.
"However, they won't be the first and last and we are going to be bringing in many more trialists in the next month or so to look at so that we can identify players for next season."