Associate Prof Burns, head of contemporary music at the university, began his career as a session musician in London at the age of 18, and has played with musical greats including Pink Floyd's Dave Gilmour and The Animals' Eric Burdon.
He has also worked on soundtracks on TV shows such as Red Dwarf and Mr Bean.
Prof Burns, who is 65, said he would not be returning to the university next year.
He was looking forward to having more free time to write music, and he had started a new book on punk music in different parts of the world.
''I'm going to be looking at options. There are a few things that are sort of lurking in the background.''
Before arriving at Otago in 2001, he taught music at the London College of Music, and had the leading role in putting together the college's first popular music degree in the 1990s- but he came to academia late in life, starting a BA in business studies and music at Brunel University in 1993, where he was already teaching popular music and culture.
''[The best thing about being a teacher] is when I see somebody actually achieve something in music that they've set out to do,'' he said.
That could be making a popular album, playing in a band, going overseas, or ''just seeing the impact in their playing''.
''I'm proud of all of them. If I think someone is really starting to shine I've given them that extra nudge,'' he said.
The bass player had always had a love of progressive rock but as a session musician it was important to be able to switch genres and fit in with what someone else was playing.
Prof Burns said he would be staying in Dunedin, which had come to replace London as home.
He would have fond memories of the recording studio on Albany St, where he had spent much time making tracks.
''Most often it's doing a track here and a track here,'' he said.
''I couldn't put a number on it, it's a couple a month for 18 years.''
He would also miss the Black and Sale Houses on campus, where he has had his office since his arrival, as well as his students and colleagues in the music department, who included Dr John Egenes and Graeme Downes - fellow members of the Verlaines - as well as Dr Ian Chapman, formerly known as ''Dr Glam'', with whom he had spent many hours discussing music of the 1970s.
Coming up in February was the release of a new Verlaines album, Dunedin Spleen, made with the backing of others in the music department, which he was looking forward to.
Although he was leaving, Prof Burns was looking forward to seeing and, hopefully, playing in the university's new $26 million music development, which would have ''all the bells and whistles''.
