The 27-year-old fullback and winger is out of contract after the current campaign and Munster CEO Garrett Fitzgerald said the club were "hugely disappointed" to see Zebo leave.
"Working closely with the IRFU we put ourselves in the best position possible with an excellent offer and, while we are largely successful in retaining our best players within the Irish system, we know it is out of our hands on this occasion" he said on the Munster website. (www.munsterrugby.ie)
Zebo, a Cork native who came through the Munster ranks and has made 124 appearances for the club in a seven-year spell, has been linked with a move to French club Pau although there has been no announcement on his destination.
"This club has moulded me into the player and person I am today and I will forever be grateful for that," said Zebo, who is Munster's record scorer with 55 tries and has also played 35 times for Ireland.
"It has always been my dream to play for my home club, wearing the red jersey while representing my family, friends and local community.
"However, I have always noted the draw to play abroad one day, and in not taking this decision lightly I have decided on what's best for my family."
(Writing by Simon Jennings in Bengaluru; Editing by Ken Ferris)
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