Luke Wood, the left-arm seamer, has agreed a three-year contract with Lancashire. He will leave Nottinghamshire at the end of the current season after rejecting a new contract offer.
Wood, 24, came through the Nottinghamshire academy, but had struggled to command a regular place in the side, going out on loan spells with Worcestershire and Northamptonshire. He was a squad member for Notts white-ball double in 2017, and gained another Vitality Blast winners medal with Worcestershire last year.
"It's disappointing to lose Luke, who we were very keen to keep at this club," Nottinghamshire director of cricket, Mick Newell, said. "We offered a contract that was reflective of our desire for him to stay, but there was also interest from Lancashire and he's decided to go and play there.
"When you lose a player, especially one that's come through your system, you hope it's for sound cricketing reasons, and I've no doubt that's the case with Luke.
"Although he's earned his position in our first team - and has been a starter for us more often than not with the red and white ball in recent weeks - sometimes a player feels they'll benefit from the challenge of moving to a new club.
"We all wish Luke the best of luck for the future. He remains very much part of the squad until the end of the season."
Wood went on loan to Northamptonshire earlier this season but came back to feature in the Blast and Championship. He claimed 5 for 67 earlier this week in Nottinghamshire's defeat at Scarborough, taking his tally of first-class wickets to 96 at 33.41. Handy with the bat, he made a 95-ball century batting at No. 9 in 2015.
"I am delighted to have signed for Lancashire, Wood said. "I've thoroughly enjoyed my time at Trent Bridge and would like to thank everyone at the club for their fantastic support, but the chance to join Lancashire is one that I couldn't turn down.
"The conversations I've had with both Paul Allott and Glen Chapple about the vision and plans moving forward are so exciting. The ambition of the club is something that really attracted me to Lancashire and it's something I want to be part of.
"Emirates Old Trafford is a great place to play cricket and I look forward to calling it home for at least the next three years. I can't wait to join up with the squad at the end of the season and get stuck in next year."
A former England Under-19 who bowls skiddy seam and swing, Wood played 35 first-class matches for Nottinghamshire over a five-year period, but was limited to just four List A games and 13 T20s.
Lancashire's director of cricket, Paul Allott, said: "Luke is an extremely talented cricketer so we are delighted he has chosen to sign for Lancashire as there were a number of other counties interested in him. We've admired him for a while, particularly as a swing bowler so he will add further quality to our pace bowling attack.
"He comes with great potential, is a proven winner and will add plenty to our side in all formats of the game with both bat and ball. We saw exactly what he can for Notts Outlaws against us in the Vitality Blast just a couple of weeks ago and I think he's going to be an outstanding signing for the Club.
"I would like to welcome Luke to Emirates Old Trafford and we are looking forward to working with him from next season onwards."