The 30-year-old forward will join the Leeds Rhinos on a three-year deal.
“While it’s difficult to leave Panthers, I’m extremely grateful to the club for allowing my family and I to take up this opportunity,” Tetevano said on the club website.
“My time at Penrith was one of the most enjoyable years of my career.
“I want to thank everyone involved with the club for their support and wish them all the best for the future.”
Tetevano has also played finals football the past four seasons so will bring a wealth of experience to the English club.
“Zane had an extraordinary impact on our young squad following his arrival at the club last season,” Panthers General Manager Rugby League Matt Cameron said .
“He consistently elevated our training sessions with his professionalism and played an important role in the team’s success in 2020.
“We’ve granted Zane’s request for a release out of respect to him and his family, in consideration of the valuable opportunity they’ve been presented by Leeds Rhinos.
“We wish to thank Leeds Rhinos and Zane’s manager Wayde Rushton for their cooperation through this process.
“We also extend our thanks to Zane for his service to Panthers and wish him the best of luck in the Super League.”