The 33-year-old will move to Australia after helping Chiefs win the Premiership title for the first time by beating Wasps 23-20.
He is expected to have a spell in Japan with an as yet unnamed Top League side before joining Melbourne in January.
Parling won 29 England caps and also played three Tests for the British and Irish Lions in Australia in 2013.
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"I'm excited about the opportunity to test myself in the Southern Hemisphere," he said.
"Hopefully I can add value to the Rebels, and help the team continue the great growth and profile of rugby in Victoria."
Parling began his career with Newcastle Falcons, and also had a six-year spell with Leicester Tigers where he won two Premiership titles, before joining Exeter in 2015.
"Geoff's signing is a strategic recruitment for the club as we look to evolve our squad and program for 2018 and beyond," Rebels chief executive Baden Stephenson told the club website.
"Geoff boasts a wealth of international and domestic experience in successful rugby programs so he will contribute to the strong leadership at the club, along with his world class lineout skills and hard running qualities which will complement our squad."
Exeter Chiefs lock Geoff Parling has signed to play for Super Rugby side Melbourne Rebels for the 2018 season.