Rhinos say they are “satisfied” with the agreement which will allow Segeyaro to join NRL side Cronulla Sharks with immediate effect.
The player was transfer-listed by Rhinos last December, with a valuation of £250,000, after saying he would not return to the club to fulfil the remaining two years of his contract.
In a club statement, Rhinos chief executive Gary Hetherington said: “We have agreed to terms with James Segeyaro to enable him to sign with the Cronulla Sharks.
“The terms of the settlement are strictly confidential, but we can report the club is satisfied with the financial settlement.
“Importantly, the club has been completely vindicated in the position they adopted in relation to this dispute.
“The sanctity of the playing contract must always be respected and complied with. We are pleased that both the RFL and the NRL recognise the importance of the playing contract and the responsibilities associated with it.
“We anticipate that the strong stance our club took in relation to this matter will ultimately benefit the game of rugby league in both countries.”
Hetherington added: “The whole saga leaves a bitter taste, but I am pleased it has been resolved amicably and I hope James can go on and fulfil his potential in the NRL.
“From the outset of our relationship with James, I am confident we have acted at all times with complete integrity.
“As a club we are proud of our record of welcoming players from overseas into the Rhinos family; the fact the majority of players who join the club from the NRL not only complete their initial contract but agree to extensions speaks volumes.
“I would like to thank our legal advisor in Australia, Tim Fuller, for his advice and guidance in this matter and the RFL for their support in the process.”