The ex-Arsenal star was one year into his three-year deal when sacked as manager of the Dubai-based outfit in 2011 but has received due compensation after a hearing held by FIFA's Player Status Committee.
O’Leary was thrilled with the result which has reportedly landed him £3.3million in reparation money.
"It has taken a long time to deal with this matter but I am pleased that all issues have now been finalised," he said.
"I would also like to thank Richard Bevan and the LMA (League Managers Association) as well as my outstanding legal team, led by Paul Gilroy QC, and Michael Kennedy from Herbert Reeves & Co, for their support and hard work in bringing my case to this very satisfactory conclusion.
"I hope my case provides reassurance to all managers and coaches working all over the world that there is a formal system in place that provides employment protection."