The 28-year-old, who scored 46 tries in 54 tests for the All Blacks, signed a four-year deal with New Zealand Rugby in May 2015 that made him one of the highest paid players in New Zealand history, earning an estimated $800,000 a year.
However he was released from that deal last year following the Super Rugby season after agreeing a two-year deal with Toulon.
A Toulon statement said on confirming his arrival last year: "This is one of the stars of world rugby that joins the Rugby Club Toulonnais for the next two seasons.
"Equipped with an exceptional physique (1,91m for 108kg), Julian Savea is also a fast player, able to overflow, to win one-on-one duels, to catch high balls and to play after him.
"A complete player who can also evolve at the center position and further improve the line of three-quarters of the RCT."
However Savea has scored just one try in 10 matches since joining the club. Toulon currently sit 11th on the table with six wins from their opening 16 games.
Savea's former Hurricanes teammate Nehe Milner-Skudder looks set to replace him at Toulon next season having signed a three-year deal.
"Some players are average because they want to leave and others because they have a cheque to take, and they can not find a better cheque elsewhere. Many will be released," Boudjellal told RMC Sport.
"A one-year contract, he can do what he wants, it can be long for the club a year but especially very long for the player ... for me, he is released," Boudjellal said about Savea.
"His brother looks a lot like him ... we will have at least learned that some physical resemblances are really striking," he added in what seems to be a comparison between Julian Savea and his All Black brother Ardie.
In November, Savea was involved in car accident when he fell asleep behind the wheel and he angered the club's fanbase by attending his brother's wedding in Fiji in December.
"Let me set the record straight," Fatima Savea, Julian's wife, tweeted at the time.
"Before Julian signed his contract he asked for time off in December to attend his ONLY brother's wedding. So this was agreed upon by both the club and Julian or else Julian would not have come to Toulon in September and instead in January."
