Dinsley has struggled to stay fully-fit for a couple of seasons.
The midfielder originally came to Hereford on loan from Gloucester in October 2016 and started six matches before Tim Harris, who was manager at Gloucester at the time, recalled him.
"Calvin has had five or six games for Hereford and he comes back to us fit and sharp," said Harris.
In the following March Dinsley quit Gloucester by 'mutual consent'.
"I am very disappointed that things have not worked out this season for both Calvin and ourselves," said Harris.
It wasn't long before Dinsley was back at Edgar Street.
However he quit Hereford a year ago and said at the time that he needed 'to take some time away from football before coming back stronger and fitter than ever.'
He eventually returned but couldn't hold down a regular place in the team.
Dinsley will be remembered in particular for his goal at Fleetwood in the FA Cup.
'Midway through the half, Calvin Dinsley sent the away side into raptures as he opened the scoring. After a period of pressure from Hereford, the ball was worked to Dinsley on the edge of the area. As cool as ever, he curled the ball exquisitely into the left hand side of the net with the keeper unable to get a hand to it.'