The five, who include opening batsman Alex Obanda and pacemen Nehemiah Odhiambo and Elijah Otieno were in a list of 13 players set to begin new and improved contracts on July 1.
But Cricket Kenya chief Tom Sears said only seven players had signed the contracts while the five rejected the offers, claiming the increased amounts were insufficient.
"We are very pleased with the group of players who have committed to Cricket Kenya but obviously disappointed that some players chose not to sign their new contracts," he said.
"Every player received an offer amounting to a basic increase to their monthly retainer of at least 10 per cent and the opportunity to improve that figure significantly through consistent high performance.
"They were also guaranteed match fees for domestic cricket for the first time which could significantly increase their earnings," Sears said.
"The fact that they have declined these improved offers calls into question some of the advice they have been receiving, but that is a matter for the players themselves."
While Cricket Kenya believes the five would consider their stand and continue to play for the national side without any contracts, their absence would mean Kenya will be under-strength when they play the United Arab Emirates in the ICC Intercontinental Cup match and one-day series in Nairobi next week.
Copyright APP (Associated Press of Pakistan), 2011
Copyright AFP (Agence France-Presse), 2011