Nabokov told ESPN.com he has signed a four-year deal with SKA St. Petersburg of the Kontinental Hockey League.
"It was an interesting decision, a hard decision for me, but I'm also excited right now," Nabokov told the Web site.
Nabokov, an unrestricted free agent, made $6 million last season with the Sharks, backstopping them to the NHL Western Conference Finals before they fell in a four-game sweep to eventual Stanley Cup winners Chicago Blackhawks.
The 34-year-old Kazakhstan native was seen as one of the top goaltenders on the free agent market after finishing last season with a 44-16-10 record, 2.43 goals-against average and three shutouts.
Also on St. Petersburg are former NHL players Sergei Zubov, Darius Kasparaitis, Alexei Yashin and Sergei Brylin.