Paul captured global attention after he successfully predicted the results of all of Germany's seven games at the 2010 World Cup, as well as the final.
Each time he opened a box marked with the winning country's flag and ate the mussel inside.
There are now eight contenders in the race to become the next 'psychic' octopus for the Women's World Cup.
One of the those in the running is Lola from France, aged around five months, who lives at the Sea Life Centre in Munich.
Jens Bohn, who works at the aquarium, thinks she is in with a good chance, and he he told BBC World Service that Lola is both "intelligent" and a "quick learner".
He has been training her in preparation for her first test on Friday, when she and the seven other octopuses will attempt to predict the winner of the opening game between Germany and Canada.
But could there ever really be another Paul?
"Perhaps we'll discover that Paul was the only one, the magic one, and the others are just normal octopuses," admits Bohn.
"Nobody knows, but it's worth a try, isn't it?"
Sixteen teams, including England, are taking part in the Women's World Cup in Germany, which runs from 26 June until 17 July.

Dick Advocaat quit Sunderland on Sunday with the Black Cats second-bottom of the Premier League and winless in their opening eight games.
Allardyce, 60, has been out of management since he left West Ham at the end of last season.
"Of course it's a challenging job. But I hope to be able to help to bring the stability and success that everyone wants," Allardyce said.
"I'm looking forward to working with the players and of course I will be relying on the help of the Sunderland supporters."
Allardyce had a spell at Sunderland as a player between 1980 and 1981 and becomes the first person to manage both the Black Cats and rivals Newcastle.
His first home game at the Stadium of Light will be against Newcastle on 25 October, with an away trip to West Brom before that on 17 October.
Sunderland owner Ellis Short believes Allardyce, who managed Newcastle from May 2007 until January 2008, was the standout candidate for the job.
"Sunderland is a club he knows well and he was the obvious best choice for the job," Short said.
"He has vast experience of managing in the Premier League and an understanding first-hand of the north-east and the passion of our fans, which will stand him in great stead."
Short also claimed it was a "misconception" that the former Blackburn and Bolton boss "had to be persuaded to join us".
"This was a very popular job, proactively sought after by a large number of managers - contrary to much of what has been portrayed," Short said.
"The process was made easier by the fact that Sam was such an obvious choice.
"From the very beginning, Sam understood the importance of this job and showed great enthusiasm for the role and a desire to be part of moving this club forward."

Johnny McGurk, 49, appeared in court in County Londonderry accused of theft from quarry firm Patrick Bradley Ltd.
Mr McGurk, an accountant, was released on bail and will appear in court again on 19 November.
He won an All-Ireland football championship and All-Star award in 1993.
Mr McGurk also captained his club Lavey to an All-Ireland senior club championship in 1991.
The accused's name was given to Coleraine Magistrates Court as John Malachy McGurk of Oakland Crescent in Knockloughrim, Magherafelt, County Londonderry.
He was charged with stealing £572,206 from Patrick Bradley Ltd, based in Kilrea, also in County Londonderry.
Mr McGurk was also accused of 36 counts of fraud relating to sums of allegedly stolen money lodged in his bank account.
All the offences are alleged to have happened between 1 July 2006 and 31 December 2011.
The hunt is on to try to find a successor to the late Paul the 'psychic' octopus.
[NEXT_CONCEPT]
Sunderland have appointed Sam Allardyce as manager on a two-year contract.
[NEXT_CONCEPT]
A Gaelic footballer who won an All-Ireland championship with Derry will stand trial accused of stealing over £500,000 from his employer.