The hard-charging winger is off to play club rugby for French club Clermont at the end of the season, at the age of just 24.
Naholo has played 31 games for Taranaki and also played for Wanganui but is yet to make an impact at Super level, having played just two games for the Blues, until joining the Highlanders this season.
Highlanders general manager Roger Clark confirmed the move yesterday and said it came down to hard cold cash.
''Waisake has decided to take up an offer from France to secure his future for him and his family,'' Clark said.
''When a player heads off because there is money to be made overseas then there is not much we can do about it. We can't compete against that. We could have put our best foot forward with New Zealand Rugby but we would have been miles off.
''It's a shame for us as he is going to be a good footballer.''
Naholo played well in the loss to the Crusaders, picking up the player of the match award, and scored the match-winning try against the Reds last Friday night.
Also announcing a move to France yesterday was former All Black and Crusaders utility back Tom Taylor.
Taylor has signed a three-year deal with French club Bayonne and will leave after the ITM Cup.
Taylor (25) played three tests for the All Blacks in 2013.
Returning from France will be former All Black Rene Ranger, who will come home early from his contract with Montpellier.
Ranger (29) will come back to play for the Blues and North Harbour. He has been in France for the past two years but is said to be homesick.
