Schleicher informed the Magpies of her decision on Tuesday after suffering a season-ending shoulder injury in their round-nine loss to St Kilda.
The 28-year-old inaugural Collingwood player is expected to land at West Coast, with the Eagles reportedly offering a four-year contract.
A two-time All-Australian, Schleicher's departure is a massive blow to perennial competition strugglers Collingwood, who have only won one game after 10 rounds this season.
"This has been a really tough decision for me to make but one that is ultimately the best for where I am in my life and career," Schleicher said in a club statement.
"Collingwood has been my home for my entire adult life ... I'll always consider myself a Collingwood person.
"I'm excited for my next chapter, but also for the club's next chapter."
Collingwood chief executive Craig Kelly expressed the club's disappointment in Schleicher's decision.
Schleicher reportedly turned down a one-year deal to remain at the Magpies after strong interest from the Eagles.
Joining the Magpies ahead of the inaugural AFLW season in 2017, the defender-turned-midfielder has played 82 games for the club and took over as captain from Bri Davey in 2025.
Schleicher was moved to the forward line this season under coach Sam Wright and kicked 10 goals before fracturing her shoulder against the Saints.
"While we are disappointed to see Ruby depart our Club, we respect her decision to return home," Kelly said in a statement.
"We thank Ruby for everything she has given to Collingwood and wish her all the very best for the next chapter."
Like Schleicher, Davey is among several senior leaders set to come off contract at the end of this campaign, while vice-captain Jordy Allen's contract runs until the end of the 2027 season.
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