An official announcement on Smith’s three-year contract is yet to be made.
The size of Smith’s 76.8 million yen a year contract will sound warning bells for rugby officials in Australia and New Zealand with fears of a exodus of high-profile players to Japanese and European clubs waving their chequebooks after the World Cup.
It is understood they already have several topline players in their sights.
After playing 110 Tests and becoming the Wallabies’ most capped forward, Smith revealed at the start of this year that he was retiring from international rugby and was granted a release by the ARU and the Brumbies.
Following the 2010 Super 14 season the 30-year-old headed to France where he is playing with the big-spending Toulon club alongside English five-eighth Jonny Wilkinson.
Read the rest of the story: Ex-Wallaby George Smith signs $1 million deal to play in Japan.