Craney and Putterill both played under Dale boss John Coleman during their time with Accrington and agreed non-contract terms at Spotland in the summer.
Putterill made three starts in all competitions along with 19 substitute appearances, scoring twice, while Craney was only named in the XI against Fleetwood in the Johnstone's Paint Trophy and restricted to eight outings as a sub elsewhere.
Coleman told Rochdale's official website: "It is unfortunate for both players and they will probably feel that they haven't had enough first-team opportunities, but we have gone with what we thought was right at the time and possibly we've given other people too long in the side.
"We have to start clearing the decks in order to bring other people in and, as it stands, they are the ones who are not contracted to the club until the end of the season, so they are the victims of circumstance.
"They're two very good lads, they give their all and they've got good personalities so it has been a difficult decision, but a decision made purely on football terms and I think they respect that."