The two budget airlines have often used knocking ads in an effort to steal market from each other.
Ryanair, which creates its ads in-house, has issued the grovelling apology on page nine of The Guardian and page 11 of the Daily Telegraph, which also includes a photograph of a smiling Stelios.
The ad, which has been paid for by Ryanair, is headed with the text "Retraction and apology to Sir Stelios Haji-Iannou".
Underneath the photo of Stelios, Ryanair boss O'Leary issues an apology.
In The Guardian, the apology states: "Michael O’Leary and Ryanair unreservedly apologise to Sir Stelios Haji-Ioannous, for including his photograph in an advert which ran in The Guardian on 20th and 29th January 2010.
"That advert featured a picture of Sir Stelios Haji-Ioannous and referred to him as 'easyJet's- Mr Late Again and called on 'Stelios… to stop hiding the truth' about easyJet's flight delays and resume publishing weekly details of easyJet's on-time performance."
It goes on to state O'Leary and Ryanair will not publish the ad again, and refers to the fact that they have "agreed to pay him [Stelios] damages and legal costs in settlements of his libel claim."
The final line of the ad states it accepts that Stelios "is not in any way responsible for easyJet's management's continuing failure to publish weekly details of their on-time stats.
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