The 31-year-old, who is battling to be fit for England's Six Nations opener against Wales on Feb. 6, has 21 caps and played in all three British and Irish Lions tests against Australia in 2013.
"It's an exciting move for me and a new challenge at the Chiefs that I'm very much looking forward to," said Parling in a club statement.
"They have a great set-up down there and a young, enthusiastic bunch of boys who play a grand brand of rugby."
Parling is Exeter's first major signing ahead of the 2015/16 season.
(Reporting by Alan Baldwin, editing by Mitch Phillips.)
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