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."
After excelling in both midfield and defence for the Roar last season, Franjic started at right-back for Australia during the World Cup in Brazil, before a hamstring injury suffered in the opening game forced him to leave the tournament prematurely.
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.
Torpedo Moscow finished third in the second-tier Russian National Football League last season, which saw them return to the RPL for the first time since 2006.
