'Born leader' O'Mahony named Ireland's Six Nations captain
O'Mahony, 34, steps into the huge vacuum left by Johnny Sexton, who retired after Ireland lost to New Zealand in the Rugby World Cup quarter-final last October.
The Munster star has skippered Ireland on 10 previous occasions, though, it had been thought that the younger James Ryan was being groomed to be the long term captain when Sexton hung up his boots.
O'Mahony faces a real humdinger of a first match of his reign facing 2022 Grand Slam winners France in Marseille on February 2.
"To our new captain Peter O'Mahony, he is a born leader and someone who has been an influential figure for Munster and Ireland for many years," said Farrell in an Irish Rugby statement.
"I am confident that the squad will continue to benefit from his leadership skills, both on and off the field. He is thoroughly deserving of this honour."
O'Mahony, who will need to maintain the form he showed at the World Cup as the Irish are rich in backrow talent, was ecstatic at the appointment.
"Ever since I was a boy starting off in the game, I have always dreamed of captaining Ireland," said the 101-times capped O'Mahony.
"I have been asked to lead Ireland on a number of occasions previously, and each of those 10 matches were special days.
"To be now asked to captain Ireland ahead of the Six Nations is without doubt one of the proudest moments of my life and I would like to thank Andy for this show of faith in me."
Squad
Forwards:
Ryan Baird, Finlay Bealham, Tadhg Beirne, Jack Conan, Caelan Doris, Tadhg Furlong, Cian Healy, Iain Henderson, Ronan Kelleher, Jeremy Loughman, Joe McCarthy, Peter O'Mahony (capt), Tom O'Toole, Andrew Porter, James Ryan, Dan Sheehan, Tom Stewart, Nick Timoney, Josh van der Flier
Backs:
Bundee Aki, Harry Byrne, Craig Casey, Jack Crowley, Ciaran Frawley, Jamison Gibson-Park, Robbie Henshaw, Hugo Keenan, Jordan Larmour, James Lowe, Stuart McCloskey, Conor Murray, Calvin Nash, Garry Ringrose, Jacob Stockdale