Waters was man of the match in last year's Heineken Cup final
Wasps centre Fraser Waters will leave the club at the end of the season after signing a two-year contract to play for Italian side Treviso next year.
The 32-year-old has been at the club for 10 years, making 217 first-team appearances and scoring 201 points.
Waters, who won all six of the major club finals he reached with Wasps, earned three England caps.
Meanwhile, England Sevens captain Simon Amor will also leave the club at the end of the season.
Amor, who plays at scrum-half for Wasps, will become a performance advisor for UK Sport and a player-coach at London Scottish.
The 29-year-old said: "I have hugely enjoyed my time at Wasps, but I feel that now the time is right to move on to a new challenge."
Wasps director of rugby Ian McGeechan added: "He brought valuable experience to the scrum-half role for us, and we are delighted with what he has done for the club.
"He is a great example of a professional sportsman."
Waters has been a mainstay of the Wasps side for several seasons, but the former Bristol centre has decided to take the opportunity to ply his trade in Italy.
"I've always wanted to play abroad, and as the end of my career is not too far away I felt this was my last chance to take that opportunity," said Waters.
"I wanted to go somewhere with an interesting culture and way of life, and I'm looking forward to the change in lifestyle and learning another language.
"It was also important to me to go to a club that will win things, and though Treviso haven't been a force in Europe, they are certainly a very competitive club in Italy.
"The Wasps supporters have been brilliant over the years. It has been a fantastic time, and Wasps will always hold a very big, very special place in my heart."
McGeechan said: "Fraser has been a cornerstone of our performance and success over the last 10 years.
"He has been a fantastic servant of the club, and has helped to make the team what it is today.
"Fraser is going to Italy with our blessing, and on behalf of everyone at Wasps I wish him well in his Italian adventure!"