David Moyes has been appointed Everton manager for the second time following the departure of Sean Dyche.
Moyes spent 11 years at Goodison Park before leaving to replace Sir Alex Ferguson at Manchester United in 2013, and has been out of work since departing West Ham in the summer.
The 61-year-old returns with the Toffees hovering a single point above the Premier League relegation zone.
The PA news agency understands Moyes has signed a two-and-a-half-year contract and the first game of his second spell in charge will be at home to Aston Villa on Wednesday.
Moyes said: “It’s great to be back. I enjoyed 11 wonderful and successful years at Everton and didn’t hesitate when I was offered the opportunity to rejoin this great club.
“I’m excited to be working with The Friedkin Group and I am looking forward to helping them rebuild the club.
“Now we need Goodison and all Evertonians to play their part in getting behind the players in this important season so we can move into our fabulous new stadium as a Premier League team.”
Dyche’s reign had been effectively over since Everton’s defeat at Bournemouth on January 4, with new owners The Friedkin Group initially sounding out former Chelsea boss Graham Potter, who subsequently joined West Ham.
PA understands the surprising timing of the announcement of Dyche’s departure, which came after he had held his press conference for the Peterborough game, was due to wrangling over the terms of his pay-off.
Former Everton defender Leighton Baines, now under-18s head coach, and club captain Seamus Coleman, who is currently injured, took charge for the 2-0 win against Posh.
Speaking after that game, Michael Keane conceded that the players have to take some responsibility for Dyche’s sacking.
“Any time you lose a manager it’s really disappointing and sad,” Keane said.
“He has been brilliant for me. He’s been a brilliant manager, is a brilliant manager. It’s just one of those things. It’s football and it doesn’t always work out.”
Everton will be desperate to avoid relegation from the Premier League under Moyes as they prepare to move to their new Bramley Moore Dock Stadium next season.
Executive chairman Marc Watts said: “We are pleased that David is joining us at this pivotal time in Everton’s history.
“With over a decade of experience at the club, he is the right leader to propel us through our final season at Goodison Park and into our new stadium.
“We look forward to working with David to build the foundation of a new era for Everton.”