Paul Sackey is set for a move to France after confirming he will leave Wasps at the end of the current season.
Wasps director of rugby Tony Hanks revealed the club could not compete financially with the offers Sackey has received from the French Top 14.
The 30-year-old, who won the last of his 22 England caps against Ireland in the 2009 RBS 6 Nations, is yet to confirm his exact destination next season.
"Paul leaving the club is obviously a disappointment," said Hanks.
"In terms of his departure he has received offers from France that we simply cannot compete with.
"This is a situation that currently exists in professional club rugby.
"It is disappointing to lose a player of Paul's ability and standing within the team, but considering his own career ambitions to play for only two or three more seasons, then it is hard to argue with his decision. He is securing his financial future."
Sackey helped Wasps win two Guinness Premiership titles, the Heineken Cup and the Powergen Cup after moving back to the club from London Irish in 2005.
"This was the hardest decision I've had to make because my heart is in Wasps and I will always support the club. I have spent some great years here and my heart is here, but I feel the opportunities put in front of me were just too good to ignore," said Sackey.
Wasps lost James Haskell, Tom Palmer and Riki Flutey to the French league last summer.
Sackey's departure will spark renewed speculation over the future of Danny Cipriani, who is also out of contract at the end of this season.
The two are known to be close friends. Cipriani has held discussions over a potential ground-breaking move to the new Super 15 franchise Melbourne Rebels.
Cipriani has also been engaged in talks with Wasps. Hanks revealed the club would have more solid information "in the near future".
"There has been intense media speculation over contract negotiations but as a club we are focused on re-signings and new recruitment," said Hanks.
"We will look to outline the players that will be involved next season in the near future. We are confident of building a strong team for now, and the seasons to come.
"We remain fully committed to developing home grown talent as well as recruiting quality players."