The 23-year-old, who signed a permanent deal in January 2013 after initially joining on trial, made just one league appearance during his time at Victoria Road.
Burnett told the club's official website: "We have decided to part ways by mutual consent. Both parties felt that opportunities were limited here.
"I wish him all the very best of success in the future with his football career."
Dagenham currently sit 18th in the League Two table.