The powerful 24-year-old, who has played test rugby league for Fiji and Australia, was named Winger of the Year in the NRL in 2014 after scoring 19 tries in 24 matches and again in 2015 when he crossed 24 times in 18 outings.
Eels chief executive Bernie Gurr said in a statement that Radradra had rejected a "very attractive offer" to stay at the club and would not be released until November, some three months after the Top 14 season begins.
"The offer from Toulon was substantially higher than our club's offer," he added. "We look forward to Semi being a most productive member of the 2017 Parramatta Eels playing squad and then we wish Semi well in his rugby union venture with Toulon."
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Radradra is scheduled to appear in a Parramatta court on Feb. 13 to face domestic violence charges. He pleaded not guilty to three charges at a preliminary hearing in July last year.
(Reporting by Nick Mulvenney; Editing by Greg Stutchbury)
