The man was arrested on October 23.
59-year-old Derry Coakley was found dead in Raleigh, just outside Macroom in County Cork at 11.30pm.
The victim was able to raise the alarm by phoning a friend who in turn called the emergency services, according to reports.
He was treated on scene for a gunshot wound but was pronounced dead a short time later.
His body remains at the scene which is currently being preserved, and the Office of the State Pathologist has been notified.
Gardaí said they were investigating "all of the circumstances surrounding the death".
A Post Mortem examination has been completed but details have not yet been released for operational reasons.
A male in his 60s arrested in connection with the murder of Derry Coakley is expected to appear before a special sitting of Bandon District Court this afternoon, Saturday October 27 at 3pm.
