The Bulldogs confirmed Averillo's departure on Wednesday, with the 22-year-old set to follow Brisbane's Herbie Farnworth and Tom Flegler in joining the Redcliffe-based club.
Averillo made his NRL debut with the Bulldogs in 2020 and has started in every backline position over his 69-game career with the club.
He became a popular option at fullback under interim coach Mick Potter last season but switched to centre this year to accommodate the arrival of Hayze Perham from Parramatta.
Noted for his speed, Averillo has played every game of Cameron Ciraldo's tenure at the Bulldogs so far.
He made his representative debut with the Prime Minister's XIII last season and was the Bulldogs' rookie of the year in 2020.
Off-contract at the end of the year, Averillo moves on with the Bulldogs' blessing.
"This is an extraordinary opportunity for Jake," said Canterbury's general manager of football Phil Gould.
"He's a local junior who has done a wonderful job for the club and we wish him and his family all the best for the future."
Averillo's arrival is set to increase competition for spots in the outside backs during the Dolphins' second year in the premiership.
Farnworth, Euan Aitken, Jamayne Isaako, Robert Jennings, Brenko Lee and Edrick Lee are all contracted and typically line up at either centre or wing.
"Jake is a really good acquisition for the Dolphins," the club's chief executive Terry Reader said.
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