CARLO ANCELOTTI has been confirmed as the new Everton manager.
The Italian, 60, has put pen to paper on a £11.5m-a-year deal until 2024 at Goodison Park after agreeing terms with the Toffees board.
He replaces Marco Silva in the dugout on Merseyside and will lead the team for the first time against Burnley at Goodison Park on Boxing Day after watching from the stands against Arsenal.
The Portuguese was sacked following the 5-2 drubbing at the hands of rivals Liverpool earlier in December.
Everton legend Duncan Ferguson took interim charge, leading the club to victory over Chelsea in his first game in charge before a draw with Manchester United and a penalty shootout defeat to Leicester in the Carabao Cup.
And Ferguson will be kept on as part of Ancelotti's backroom staff.
The three-time Champions League-winning manager told the club website: "This is a great club with a rich history and a very passionate fan base. There is a clear vision from the Owner and the Board to deliver success and trophies.
Strong organisation, strong discipline and the right motivation are some of the key ingredients in football and I’m pleased that Duncan Ferguson will be part of my backroom team.Carlo Ancelotti
"That is something that appeals to me as a manager and I am thrilled at the prospect of being able to work with everybody at the Club to help make that vision a reality.
"I have seen from the performances in the last two weeks that the players are capable of so much.
"The work Duncan has done is a great credit to him. Strong organisation, strong discipline and the right motivation are some of the key ingredients in football and I’m pleased that he will be part of my backroom team moving forward."
But the appointment of Ancelotti - who was sacked by Napoli this month - is a huge statement of intent from Farhad Moshiri - the club's majority shareholder.
The former Chelsea, Real Madrid and Bayern Munich boss, though, knows this will be a very different challenge to his recent jobs with Everton languishing 16th in the Premier League table.
As revealed by SunSport, Everton opened talks with Ancelotti soon after his Napoli sacking in order to beat Arsenal to the Italian.
His new deal at Goodison is understood to see him pocket a tidy £11.5million basic with a £2.5m bonus if he keeps the Toffees up.
MORE TO FOLLOW