Green, who became head coach in 2014, ended months of speculation about his future when he confirmed on Monday he had agreed to a three-year deal and was staying on at the Cowboys.
Green is relieved to have sorted out his future.
"I am very happy to have my future sorted and even happier my future is with the Cowboys," he said.
"My family is really settled here, my wife hails from the region and we are all really pleased to be able to continue to be part of the North Queensland community.
"I am extremely blessed to be able to work with such a talented and committed playing group and look forward to continuing to help our players realise their full potential.
"The future looks very bright for our club as we usher in the next generation of talent and prepare for a move to our new home stadium from 2020.
"There is no question it is an extremely exciting time to be part of the Cowboys as we charge ahead into a new era."
The announcement has ruled the 45-year-old out of the running for the Brisbane Broncos head coaching role should Wayne Bennett decide to pull the pin on his coaching career when his current contract expires at the end of 2019.
If he sees out his new contract, Green - who guided the Cowboys to their maiden premiership in 2015 and to the grand final last year - will coach the club for eight consecutive seasons and go past the late Graham Murray's record of seven years at the helm.
Green has the best winning percentage (59.5 percent) of all Cowboys coaches with 69 wins from 116 games, well ahead of Murray’s winning strike rate of 49.1 percent.
The North Queensland coach is facing one of his biggest challenges yet with the club in second last position on the Telstra Premiership ladder after losing five consecutive games following their round one victory over the Cronulla Sharks.
Green had earlier told NRL.com that he had no desire to leave the Cowboys despite negotiations dragging out for several months.
Cowboys chairman Lawrence Lancini said Green had "become an integral part of the history of this club, guiding us to a maiden premiership in 2015 and a grand final berth against all odds last year".
"Finalising this deal is what we have all been working towards and it has always been the intention of both parties for Paul to continue being the head coach of this club," Lancini said.
"The entire negotiation between the club, Paul and his management was conducted in good faith and we were always confident a deal would be struck."