The advisory is in place from Thursday, October 3 from 12:01 until Friday, October 4 at 12:00.
A weather warning is expected to be made tomorrow.
Storm Lorenzo could give rise to high seas, severe winds and heavy rain across the county.
The extra-tropical storm is currently a Category 2 hurricane about 3000km southwest of Ireland.
Lorenzo’s eye has become less distinct on satellite images, but the system remains very well organized with tightly curved convective bands.
Met Eireann's Deirdre Lowe said even if Lorenzo does not make landfall, it could still bring stormy conditions.
The Irish Meteorological Service is continuing to monitor the progress of the storm very closely.