Back row Marcell Coetzee will leave Ulster at the end of the season and return to his native South Africa.
The Springbok is expected to sign with Pretoria-based franchise the Bulls, who will be introduced to the Pro14 in 2021.
The agreement will see Coetzee, who returned to South Africa during the first lockdown this year, leave a year before the expiry of his current contract, after he expressed a "strong desire" to return home having spent the past five years with Ulster.
The 29-year-old is a key player for Dan McFarland's side, and has scored eight tries in six Pro14 appearances this season.
He joined Ulster in 2016 from the Sharks, having won 26 caps for his national side.
Such was his form with the province that he earned a recall to the Springboks, winning four more caps before injury ruled him out of contention for last year's World Cup.
He has been in outstanding form this season with Ulster undefeated in the Pro14.
"It all started during lockdown when I was back home for four months. My wife and I did a lot of thinking together about life and we also reflected on where I am in my career," said Coetzee.
"We decided to come back to Belfast with an open mind, but ultimately we miss home, the South African culture and way of life - and after five seasons the longing for home has just caught up with us."
Ulster 'deeply frustrated' by 'player-driven' move
Ulster CEO Jonny Petrie said he was "deeply frustrated" by the development, saying it had come against the wishes of the club.
"Nothing to do with the IRFU or finances," said Petrie.
"Entirely player [and Bulls] driven. Very disappointing, but we move on."
The Bulls are one of four South African sides that will be introduced to the Pro14 teams from April 2021 in a new Rainbow Cup competition, before potentially joining the competition on a permanent basis next season.
The club's Director of Rugby publicly expressed his interest in Coetzee last month, citing the forward as someone who could help the Bulls become a "special team".
While there has been no official confirmation, the club are expected to officially announce the signing on Monday morning.