Rugby Australia's website said that Perese had signed a development contract with rugby league's Brisbane Broncos.
Perese's defection to the 13-man code is a major blow for the Reds after he came through their development ranks and impressed Wallabies coach Michael Cheika enough to invite him to a training camp and target him for next year's Rugby World Cup.
Cheika last year labelled the then 20-year-old as "coming along nicely" and "killing it" at the training camps during the southern hemisphere's Rugby Championship.
He suffered successive knee injuries earlier this year, which limited his appearances for the Reds.
Perese, who can play on the wing and in the midfield, had not been seen at pre-season training with the Reds according to the Sydney Morning Herald on Monday and the Brisbane-based side said in a statement later he had been released.
"We have thought long and hard about this, as releasing players from their contractual commitments isn't something we take lightly," Reds interim chief executive David Hanham said.
"Izaia was released on the basis of us identifying a quality replacement and this has certainly been achieved. We wish Izaia all the best for his future."
Hanham, meanwhile, was enthusiastic to secure the signature of Naivalu, who has played 10 tests for the Wallabies, including three on their recent end-of-season tour.
"We're delighted to have Sefa at Ballymore," Hanham added. "He's a professional who brings international experience and will be a welcome addition to our squad."
The Reds, who won the Super Rugby title in 2011, have struggled in recent years but began a rebuilding programme under former All Blacks lock Brad Thorn last year.
"I'm very excited to go up there and play with a bunch of rugby players who have the potential of getting the job done," said Naivalu, who is hoping to remain in contention for the World Cup in Japan with a strong season at the Reds.
"Brad Thorn is a well known rugby player and I'm looking forward to working with him and learning more off him," the 26-year-old added.
"I just need to keep working hard and taking opportunities, execute how the coaches want me to execute and hopefully I get selected for the World Cup next year."
(Reporting by Greg Stutchbury; Editing by John O'Brien)
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