The CEO of Telefónica Europe Matthew Key, firmed up the details in a Q&A with readers of The Times newspaper, after O2 had been a bit shifty with about the specifics previously.
He said: "Once the iPhone becomes available on other UK networks, we will allow O2 customers to unlock their iPhones, although of course they will still need to honour any outstanding contract period they have. At the end of their contract period, they are entirely free to move to another operator - though naturally we hope they won’t want to!"
When challenged over poor 3G coverage, Key also admitted that being the exclusive provider of the iPhone in the UK for two years has been a "steep learning curve", but justified it saying the 18-fold increase in data O2 has seen in the past year would "cause pressure on any business".
He added: "We are constantly increasing the capacity of our networks and the good news is that we now better understand and know what fixes we need to put in place to improve our levels of service."
Key said £30 million was being invested in London alone between now and Christmas to improve levels of service in the capital.
Will you be unlocking your O2 iPhone at the end of your contract to move elsewhere? Let us know your thoughts below.