The IRFU and Munster Rugby have confirmed that Paul O'Connell will be released from his provincial contract pending the conclusion of the World Cup, after which he will also retire from international rugby.

The statement comes after Gerry Thornley revealed in last Friday's Irish Times that O'Connell would be French side Toulon's marquee signing for the 2016 season.

That move though was pending approval by both Munster and the IRFU, given O’Connell has another year on his contract remaining.

On Tuesday afternoon both announced that on O’Connell’s request he has been granted an early release from his contract; “ given Paul’s exceptional contribution to the sport.”

Since making his senior Munster debut in August 2001 he has represented the province on 178 occasions, winning two European Cups, three League titles and a Celtic Cup in 2005.

Paul made his Ireland debut against Wales in February 2002 and has won 101 caps for his country. He has won a Grand Slam, four Triple Crowns and captained his country to two Six Nations championship titles.

O’Connell has also captained the British and Irish Lions.

He thanked Munster and the IRFU for the early release;

"I would like to thank Munster Rugby and the IRFU for releasing me from my contract at the end of the Rugby World Cup. 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.”

Philip Browne, IRFU CEO also added that over the course of his 101 Ireland caps to date O'Connell has set the standard for the model Irish professional.

“His contribution to Irish rugby is immeasurable in terms of not only driving success on the field but also raising the profile of Irish Rugby around the world.”

Garrett Fitzgerald, Munster Rugby CEO commented, "In wishing Paul all the best for the future I would like to acknowledge the outstanding role he has played within Munster Rugby.

“Over a 14 year career with the province, 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.”