Gillespie played in only the second and third matches of the three-Test series but took 11 wickets at an average of 22.81 to finish with his team's best bowling figures.
The 32-year-old has battled fitness problems in recent seasons and missed out on a fast bowler's camp in Brisbane [ Images ] as he struggles with an ankle injury but was expected to join the Test squad on the tour of West Indies [ Images ] next month.
Gillespie's omission opened the door for James Franklin to re-join the list of 20 contracted cricketers named on Wednesday after the all rounder was cut last year.
Dean Brownlie, Doug Bracewell, Andrew Ellis, Tarun Nethula and Kruger van Wyk have been handed maiden contracts, while Hamish Bennett, Neil Broom, Andy McKay, Jesse Ryder [ Images ], Luke Woodcock and Reece Young have been dropped from the list.
Batsman Ryder asked not to be included in the list in order to work on a number of "health and fitness goals" following his disciplinary issues while on New Zealand duty earlier this year.
Contracted players: Trent Boult, Doug Bracewell, Dean Brownlie, Andrew Ellis, Daniel Flynn, James Franklin, Martin Guptill [ Images ], Chris Martin, Brendon McCullum [ Images ], Nathan McCullum, Kyle Mills [ Images ], Tarun Nethula, Rob Nicol, Jacob Oram [ Images ], Tim Southee [ Images ], Ross Taylor [ Images ], Kruger van Wyk, Daniel Vettori [ Images ], BJ Watling, Kane Williamson [ Images ].