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Opponent Modeling (OM) aims to enhance decision-making by modeling other agents in multi-agent environments. Existing works typically learn opponent models against a pre-designated fixed set of opponents during training. However, this will cause poor generalization when facing unknown opponents during testing, as previously unseen opponents can exhibit out-of-distribution (OOD) behaviors that the learned opponent models cannot handle. To tackle this problem, we introduce a novel Open-Ended Opponent Modeling (OEOM) framework, which continuously generates opponents with diverse strengths and styles to reduce the possibility of OOD situations occurring during testing. Founded on population-based training and information-theoretic trajectory space diversity regularization, OEOM generates a dynamic set of opponents. This set is then fed to any OM approaches to train a potentially generalizable opponent model. Upon this, we further propose a simple yet effective OM approach that naturally fits within the OEOM framework. This approach is based on in-context reinforcement learning and learns a Transformer that dynamically recognizes and responds to opponents based on their trajectories. Extensive experiments in cooperative, competitive, and mixed environments demonstrate that OEOM is an approach-agnostic framework that improves generalizability compared to training against a fixed set of opponents, regardless of OM approaches or testing opponent settings. The results also indicate that our proposed approach generally outperforms existing OM baselines.