Paul made correct predictions of the outcome of all seven of Germany's matches as well as of Sunday's final by choosing to eat a morsel of food from a box emblazoned with the flag of the winning team.
TV stations in Germany and Britain broadcast live images of his decision for the final.
A Spanish town in northwestern Galicia, which celebrates an annual Octopus Festival has already requested that the salty soothsayer be allowed to join them as a guest of honour.
Whatever the decision, Paul has been rewarded with honorary citizenship of the town of O Carballino.
A Spanish wildlife defence group, ADDA, has also suggested that he be given a spot to live out the rest of his days in a marine sanctuary in Spain, rather than cooped up in an aquarium.
In octopus terms, Paul is already a pensioner, at the grand old age of two-and-a-half. Octopuses generally live three years at most.
The art of match predicting became a dangerous job for the clairvoyant cephalopod with bitter fans sending death-threat emails to his German aquarium, saying "we want Paul for the pan."
At one point Spanish Prime Minister Jose Luiz Rodriguez Zapatero jokingly suggested sending in a squad of octopus bodyguards.
- Agence france Presse Inputs