O'Connell led out the Munstermen for the final time in Saturday's GUINNESS PRO12 final against Glasgow Warriors, the fearsome lock coming within inches of scoring in the second half as he was held up just short of the line.
And despite not being able to round off his Munster career in style by lifting the GUINNESS PRO12 trophy - a Finn Russell inspired Warriors side triumphing 31-13 - O'Connell insists he will always cherish his time at Thomond Park.
"I would like to thank Munster Rugby and the IRFU for releasing me from my contract at the end of the Rugby World Cup," he said.
"I have been hugely fortunate to play with one of the greatest sporting organisations in the world and as a proud Limerick, Munster and Irishman, I will forever treasure my association with Munster Rugby.
"After the World Cup I would like to experience new environments, and it is my genuine hope and ambition that I will have some future involvement with Munster and Irish Rugby.
"I would also like to thank all Munster and Irish Rugby fans for their support and I look forward to them showing why they are regarded as the best supporters in world rugby as Ireland travel to the Rugby World Cup in England in September."
Garrett Fitzgerald, Munster Rugby CEO, added: "In wishing Paul all the best for the future, I would like to acknowledge the outstanding role he has played within Munster Rugby.
"Paul has epitomised what it means to wear the red jersey, and through his own hard-work, commitment and leadership he has become an iconic figure in world rugby.
"A truly great ambassador for the province, he has been the standard-bearer of this team for over a decade and everyone around him has reaped the benefits of his professionalism and dedication.
"We would like to think this is not the final chapter in Paul's Munster story, and we would welcome future opportunities to work with him again."
Follow us on Facebook, join the conversation on Twitter, sign up to our YouTube channel for extensive match highlights and sign up for our newsletter for regular updates on the GUINNESS PRO12
Guinness PRO12 Munster News
63x46.png){kind=logo}