It is understood that the 29-year-old back, who is one of Munster's non-Irish eligible players, has attracted the interest of several European clubs who have offered terms that Munster are unable to match.
Commenting on the news, Warwick said: "We felt the need to address the recent speculation about my future by confirming my intention to move.
"I have thoroughly enjoyed my time here with Munster and hope I can contribute in helping the squad achieve the goals we set for ourselves at the start of the season."
Munster coach Tony McGahan said: "We are, of course, disappointed that Paul will be leaving us at the end of the season.
"He has been a quality player who significantly contributed at both full-back and out-half over the past four seasons.
"We understand the reasons for his decision and he leaves with our best wishes both professionally and personally."
Warwick joined Munster from Connacht at the start of the 2007/08 season and made his debut against the USA Eagles in Chicago. He won his 80th cap against the Ospreys last Saturday.