The 23-year-old allrounder was sold to the Mumbai Indians for a staggering 17.5 crore (A$3.15 million), surpassing the figure paid by the Kolkata Knight Riders (KKR) for Pat Cummins in 2020.
"I'm pinching myself that this has all happened," Green said from Melbourne where he's preparing for the Boxing Day Test against South Africa.
"It's such a weird feeling watching an auction for yourself. I can't believe how nervous I was and I was shaking like anything when the final call was confirmed.
"I've always been a huge fan of the IPL and it's going to be so cool to be a part of it.
"The Mumbai Indians are one of the powerhouses of the competition so I feel very humbled to be joining them.
"I can't wait to get there next year."
Royal Challengers Bangalore (RCB) and Mumbai led the early exchanges the bidding war for Green, before the Delhi Capitals entered the fray.
Mumbai bought another West Australian in Perth Scorchers star Jhye Richardson for his base price of $270,000. The pair will be joined at Mumbai by compatriots Tim David and Jason Behrendorff, both of whom were already retained by the franchise for the 2023 season.
Adam Zampa, who played for RCB in 2021, was signed by Rajasthan Royals for $270,000 while Daniel Sams went to Lucknow Super Giants, his fourth IPL franchise, for $135,000. Marcus Stoinis had already been retained by LSK.
Travis Head and Riley Meredith went unsold.
The auction brought to 13 the number of Australians due to feature in the IPL in 2023.
Glenn Maxwell, Josh Hazlewood (both RCB), Nathan Ellis (Punjab Kings), Mitch Marsh, David Warner (both Delhi Capitals, where Ricky Ponting is head coach) and Matt Wade (Gujarat Titans) had also been previously retained.
Only three of the ten franchises do not have an Australian player, and two of the exceptions, Chennai Super Kings (CSK) and Kolkata, have, respectively, Mike and Dave Hussey on their staffs.
England allrounder Sam Curran meantime became the most expensive player in the history of the IPL auction after the Punjab Kings paid almost $3.6m for his services.
The 24-year-old's record-breaking deal made him the hottest property during a six-way bidding war in Kerala, with Test captain Ben Stokes (CSK) and Harry Brook (Sunrisers Hyderabad) close behind as they scored deals worth $2.9m and $2.4m respectively.
Curran's stock has never been higher after he starred in England's T20 World Cup triumph in Australia last month, picking up the player of the tournament and player of the final double, and his was the name on everybody's lips as bidding got under way in Kerala.
"I'm very happy to have him on board, he has a lot of skills with both bat and ball," Australian Trevor Bayliss, the Punjab coach, said.
It marks a remarkable shift in fortunes for Curran, who was released by his former franchise Chennai early in 2021 and was not fit enough to take part in the subsequent mega auction.
With PA.
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