Leeds full-back Zak Hardaker will join NRL side Penrith Panthers until the end of the current season, with Papua New Guinea international hooker James Segeyaro set to move the other way to Headingley.
The 2015 Man of Steel was transfer listed by Leeds earlier this month after requesting a move away from Super League. The deal will take immediate effect and Segeyaro is expected to arrive in England next week.
Hardaker joined Leeds from Featherstone in 2011 and went on to make 154 appearances for the Headingley club.
He was an instrumental part of the side that claimed an historic treble last season, as Leeds won the Challenge Cup, Super League Leaders' Shield and the Super League Grand Final in 2015.
However, the Rhinos have struggled to recapture that form this year following a number of high-profile departures from their squad.
The Yorkshire club are currently bottom of the Super League table after picking up just 10 points from 19 games this season.
Hardaker revealed the deal had been completed through a statement on his Twitter account.
"Well it's out now. I'll be going out to play for @PenrithPanthers for the remainder of the season. Very excited to getting stuck in," Hardaker said.
The 24-year-old becomes yet another high-profile English player to leave the European-based Super League to play in the NRL.
He follows in the footsteps of Sam Tomkins, Sam Burgess and James Graham, who have all enjoyed spells playing in the lucrative Australian league.
Leeds head coach Brain McDermott thanked Hardaker for his services to the club and welcomed the arrival of Segeyaro, who he believes is a top-quality replacement.
"It is pleasing that we have been able to resolve the situation as quickly as possible," said McDermott.
"Zak goes with our best wishes and I am pleased for him that he has been able to fulfil his ambition of playing in the NRL.
"When Zak came to us to request a move, it was always going to be important that we were able to strengthen our group and in James Segeyaro we have a great opportunity to bring in a highly rated player into our group."