Kyle Eastmond has joined Leicester Tigers following his departure from Wasps, but Matt Toomua will leave the club to return to Australia at the end of the season.
Eastmond, a dual-code international, was released at the end of last season after two injury-disrupted years at Wasps in which he managed only 23 appearances.
The 29-year-old began his career at Rugby League side St Helens before switching codes to join Bath in 2011 and has won six England caps.
He said: "It's great to join a massive club like Leicester with a strong tradition. I'm very happy to be a Tiger."
Tigers head coach Matt O'Connor said: "We have some very skilful and exciting players in our backline and Kyle will add to that quality.
"He has an impressive skillset and we're delighted we've been able to bring him into the squad here ahead of the new season."
Toomua will return to Australia in a bid to gain selection for the Wallabies for this summer's Rugby Championship before returning to Leicester Tigers for the remainder of the club's 2018/19 campaign.
The 28-year-old has agreed terms with Rugby Australia and the Rebels making him eligible to play in the 2018 Rugby Championship, and next year's Rugby World Cup.
Before joining Leicester, Toomua made 33 appearances for the Wallabies, and was a key figure in their run to the 2015 Rugby World Cup Final at Twickenham.
The Australian, who has made 23 appearances for Tigers since joining in 2016, said the decision was made with a "heavy heart" and that he is fully committed to ending his time at Tigers on a high.
"It has been a tough couple of weeks and one of the hardest decisions I've had to make in my career," Toomua said.