The hard-running 26-year-old has played three tests for Australia and has been in standout form in the centres for the Waratahs in the first few games of the new season.
"It was a very, very difficult decision to make but it was also the best decision to make for me and my family going forward," the former rugby league winger said in a message to Waratahs fans on Thursday.
"We're going to be finishing the season off strong and putting it all into this week's game."
The Waratahs play Fijian Drua in Lautoka on Saturday when Perese will play his 38th game for the club.
Leicester are coached by Australian Dan McKellar.
The move is likely to reignite the debate over how cash-strapped Rugby Australia can retain talent in the face of lucrative opportunities for players in Europe, Japan and closer to home.
Parese's Wallabies teammate Mark Nawaqanitawase is also leaving the Waratahs at the end of the season for the National Rugby League (NRL)'s Sydney Roosters, who share Sydney Football Stadium with the Super Rugby team.
