Rumours of Franjic's departure have persisted for several weeks with R-Sport revealing the 26-year-old's destination to be Torpedo in the Russian Premier League (RPL) last month.
While Torpedo was not named by Brisbane on Monday, the A-League champions confirmed he will not be playing in the Australian top tier in the 2014-15 season, ending Franjic's five-year stint with the Roar.
"Today's announcement is the result of four weeks of negotiation with Ivan's new club and we're satisfied with the final structure of the deal," Brisbane Roar managing director Sean Dobson said in a statement.
"This is a fantastic opportunity for him to continue his career development by playing in an overseas league."
In the absence of Franjic, Jack Hingert is likely to start at right-back for Mike Mulvey's team as they seek to defend their title in the 2014-15 season.
