Ioane told the Queensland Rugby Union he was not going to renew his current contract at the Brisbane-based Reds and wanted to try his luck in the Top 14.
Reports Down Under suggest the 27-year-old has agreed a deal with Stade Francais.
"During recent face-to-face discussions with Digby he made it patently clear that he has no interests in playing anywhere in Australia apart from the Reds, but has been given an opportunity in France to secure the financial future for himself and his family," Queensland Rugby CEO Jim Carmichael said on the Reds' official website.
"This was an extremely difficult decision for Digby to make but as the provider for his family, we completely understand his position to pursue a deal overseas."
- Queensland Rugby Union
- Stade Francais