The Anchorman 2 star joked about Paul during his last visit to Ireland in 2008, when he was asked his opinion on Northern Ireland's news legend.
"I know Paul; I've hung out with Paul," he said. "He owes us a lot of money because he wouldn't pay for anything.
"You know that Paul is a cheap b*****d - I can tell by his ties," he quipped.
But Will has decided to put the past behind them, and speaking to UTV's Paul Reilly ahead of the release of the much anticipated second Anchorman film he said he wished our master of the autocue well.
He insisted: "I was on edge that day, I have nothing against Paul.
"He is an outstanding newsman; he's been in the news game for about 60 years now," Ferrell jokingly added.
"He walks around with the aid of a cane and I think he is blind in his left eye and he does a hell of a job despite that.
"I just wanna say to Paul, all the best."
I was on edge that day, I have nothing against Paul.
Meanwhile Anchorman 2 - The Legend Continues hits cinemas this week and will see the return of San Diego's elite news team - Ron Burgundy, Champ Kind, Brian Fantana and Brick Tamland.
The foursome is thrown into the world of 24 news and, as is to be expected, hilarity ensues as they learn to adjust to the changing journalism profession.
"It's all just so much fun," said David Koechner, who plays sports reporter Champ Kind.
"It's not like working, it's just playing and you don't want it to end.
"I was hoping this whole thing would just turn into a television show and run for ten years."
Asked if there was any pressure in making a sequel to such a well loved film, Ferrell joked: "There's an intense amount of pressure, a lot of sleepless nights.
"A lot of time doing scenes together, then yelling cut and huddling together saying "guys what is going on!"
Anchorman 2 will see a lot of cameo appearances from a variety of huge stars, the details of which are being kept under wraps so as not to spoil the surprise for audiences.
Grow a moustache.
Paul Rudd's professional advice
"We had a lot of interest from people, fans of the first movie wanted to be in the second one," explained Ferrell.
"I want to tell the audience who is in the movie, but I don't wanna give it away - you know what, I'm just gonna say it. We've got Ricky Martin."
Before finishing the interview, Paul Reilly took the opportunity to get some advice from some journalism legends, first asking Steve Carell - who plays weatherman Brick Tamland - what he thinks of UTV's Frank Michell's famous sign-off: "Take care, be good, bye bye".
"Is Frank really stupid?" asked Carell. "Because Brick is a dumb guy.
"And the way you avoided the question leads me to believe that I know what the answer is."
Finally Paul Rudd offered some advice his character Brian Fantana would approve of, telling UTV's own roving reporter to grow a moustache in order to improve in his profession.
"Start growing it," he advised. "In fact I can see it growing right now.
"How is the chest hair situation?"