Green is expected to sign a lucrative offer to join the New Zealand Warriors.
Amongst the teams chasing the 28-year old are the Cronulla Sharks, Manly, Newcastle Knights while interest has also come from the Melbourne Storm and Brisbane Broncos.
The Roosters released a statement shortly after the news broke, stating Pearce has been granted a release from the remaining two years of his contract.
"Mitchell has been a big part of the Sydney Roosters Club for more than a decade. He's played 11 seasons of NRL and is among the most-capped players in our Club's history," said Roosters Chairman, Mr Nick Politis AM in the clubs statement.
"We all love Pearcey - he has developed very strong relationships with a number of people at the Club and we have been through a lot together. While it would have been great to see him continue to add to his legacy at the Roosters, we respect his decision.
"Mitchell will always be a Rooster, and he leaves with our sincerest thanks and very best wishes."
Trent Robinson praised Pearce for the role he had in his time with the Roosters and wished him all the best for the remainder of his career.
"We've been through a lot and I have a lot of respect for Pearce both as a footballer and as a man," said Robinson in the clubs statement.
"I'd personally like to thank Pearcey for the role he's played at the Roosters. He's a good person who will always have many friends at the club and I know I speak on behalf of everyone in wishing him all the very best."
Detailing the toughness in the decision he had just made, Pearce also acknowledged just how excited he was for the next chapter of his career.
"Obviously, this hasn't been an easy decision for me to come to, but I feel that it's the right one," Pearce said in the clubs statement.
"I've been with the Roosters since I was 17 and have grown into a man here. I've made a lot of close friends at the Club, and I've always been proud to wear the Roosters jersey.
The Roosters Club and people there will always mean a lot to me, but I'm looking forward to the opportunity and challenge joining a new club will bring, while continuing to push myself to be the best halfback I can be. Now that I've made this decision, hopefully I'll have the rest of my future sorted over the next few weeks."