Suaalii is set to join arch-rivals the Roosters and join the club's pre-season training shortly, though an official announcement is yet to be made by the Bondi club.
The Tricolours have secured Suaalii by paying a transfer fee to the Rabbitohs, and have begun making enquiries with the NRL around potentially playing him before his 18th birthday next August.
The 17-year-old has been the most hyped schoolboy footballer of his generation, with South Sydney and Australian Rugby waging a big-money battle for his services for much of 2020.
His exit from Redfern was acknowledged abruptly by the club, issuing a 29-word statement on Tuesday.
"The South Sydney Rabbitohs have released Joseph Suaalii from the remaining year of his playing contract following the payment of a non-disclosed transfer fee by another NRL club," it read.