The Namibian full-backs have been on the fringes of the Premiership side's squad this season, making only two appearances between them.
Botha, 27, has had his time in Devon disrupted by a broken leg and dislocated ankle in November 2014.
McGuigan, 26, was signed as a result of Botha's injury and has scored four tries for the club.
Exeter Chiefs pair Byron McGuigan and Chrysander Botha will leave Sandy Park in the summer, the club has confirmed.