Raynes signed a two year deal for a nominal fee last summer but after making 35 appearances, the former Stockport and Scunthorpe man has parted company with the club.
Boss Steve Evans confirmed to the clubs website: "Following a meeting with Michael and Paul Douglas earlier today, both parties have mutually agreed to part.
"I would like to place on record that Michael conducted himself in the most professional manner and it goes without saying that we all wish him every success for the remainder of his career."