The former Swansea forward joined North End from financially striken Welsh outfit Neath but suffered a cartilage injury in pre-season which ruled him out until December.
The 36-year-old made just one appearance for the Lilywhites in the FA Cup before picking up a hamstring strain.
Preston boss Graham Westley said: "Lee is a great lad who has suffered some dreadful luck here at PNE. He has a flourishing media career ahead of him and we have agreed to release him from his contract so that he can mix his football and media work in the best possible way.
"Although he never really played for me, Trunds has been a cracking lad to have around - a true positive influence and a genuinely nice guy."