The 36-year-old signed a one-year deal with the Lillywhites in July after two seasons with Welsh side Neath.
However, Trundle suffered knee ligament damage in a pre-season friendly against Morecambe and has struggled to make an impact at the League One club.
"We've come to an amicable agreement. It's a tough one because he's a good lad to have around," manager Graham Westley told BBC Radio Lancashire.
"We've had a long conversation about where his future lies.
"He's got a media career in front of him, which he's got great aspirations for, and I think it's right that he plays football that fits with his future career, rather than concentrating on the type of football that we need him to play and the type of training we need to push him through."
Trundle made two substitute appearances for Preston.