The six-year-old gelding will be based at the National Stud in Newmarket, which is open to the general public and from where he will be retrained.
Dunlop said: "He's been retired and is going to live at the National Stud where he will be viewed by the general public who visit there.
"He will be retrained for showing and parading with the Retraining of Racehorses.
"It's a fantastic place for him to go."
Trip To Paris progressed from handicapper to Group One winner within a matter of months and gave tremendous pleasure to his owners La Grange Partnership, of which Dunlop is a member.
"He's been the ultimate horse for a syndicate," said the Newmarket trainer.
"He cost approximately 20 grand as a breeze-up horse.
"He won a Chester Cup, an Ascot Gold Cup, was second in a Caulfield Cup and was fourth in a Melbourne Cup.
"He came from nowhere, really. He was a great story and the day he won the Ascot Gold Cup we all won, including myself as one of the owners – that is something we'll cherish for the rest of our lives.
"He started 2015 winning a handicap at Lingfield, then a trial race for the Chester Cup, then the Chester Cup. He was then unlucky at Sandown in the Henry II Stakes.
"After Ascot he was beaten a head and neck in the Goodwood Cup by Big Orange, carrying a Group One penalty.
"He was a great stayer. Unfortunately he went to Japan and got injured. He was never the same horse after that."
Trip To Paris won six of his 27 races and amassed £808,000 in prize-money.