Manchester United have confirmed David Moyes as their new manager.
The 50-year-old has signed a six-year-contract with the Old Trafford outfit and will join officially on July 1 after completing the season with Everton.
Moyes has the backing of Sir Alex Ferguson, who confirmed his retirement yesterday, and his first official game will be the Community Shield against either Manchester City or Wigan at Wembley on August 11.
Moyes said: "It's a great honour to be asked to be the next manager of Manchester United.
"I am delighted that Sir Alex saw fit to recommend me for the job. I have great respect for everything he has done and for the football club.
"I know how hard it will be to follow the best manager ever, but the opportunity to manage Manchester United isn't something that comes around very often and I'm really looking forward to taking up the post next season."
With Moyes committed to concluding the season at Everton, he will not be introduced as United manager until after the campaign is over.
"I have had a terrific job at Everton, with a tremendous chairman and board of directors and a great set of players," he added.
"Between now and the end of the season, I will do everything in my power to make sure we finish as high as possible in the table.
"Everton's fantastic fans have played a big part in making my years at Goodison so enjoyable and I thank them wholeheartedly for the support they have given me and the players.
"Everton will be close to me for the rest of my life."
Having decided to end his near 27-year stint at United this summer, Ferguson quickly came to the conclusion his fellow countryman would be the right man to follow.
"When we discussed the candidates that we felt had the right attributes, we unanimously agreed on David Moyes," said Ferguson.
"David is a man of great integrity with a strong work ethic.
"I've admired his work for a long time and approached him as far back as 1998 to discuss the position of assistant manager here.
"He was a young man then at the start of his career and has since gone on to do a magnificent job at Everton.
"There is no question he has all the qualities we expect of a manager at this club."
DAVID MOYES FACTFILE
1963: Born April 25 in Glasgow.
1980: Signs professional forms with Celtic.
1981: Plays against Juventus in the European Cup and represents Scotland Youth.
1982: Picks up a Scottish Premier League winner's medal.
1983: With chances limited at Parkhead, heads to England and Cambridge United.
1985: Moves to Bristol City.
1987: Signs for Shrewsbury.
1990: Moves back to Scotland with Dunfermline.
1993: After a brief spell at Hamilton, joins Preston in September.
1994: Captains North End in the Division Three play-off final defeat by Wycombe at Wembley.
1995: Preston finish fifth again in the Third Division, but lose to Bury in the semi-finals of the play-offs.
1996: North End are promoted after winning the Third Division title. Moyes takes an active role in coaching and is eventually appointed assistant to Gary Peters.
1998: January - surprise choice to take over manager's job when Peters switches roles to oversee the Centre of Excellence.
May - Preston finish 15th in Division Two.
1999: North End finish fifth and reach the semi-finals of the Nationwide Division Two play-offs, where they are beaten by Gillingham.
2000: Preston romp to the Second Division championship, racking up 95 points.
2001: The Lilywhites finish a surprise fourth in Nationwide Division One. Moyes takes Preston to within 90 minutes of the Premiership, but they lose out to Bolton in the play-off final.
August - North End are thrashed 5-0 at Gillingham on opening day of the new Nationwide League season.
2002: March 13 - Approached by Everton to replace sacked boss Walter Smith.
March 15 - Becomes new Everton manager. Moyes makes an instant impact as Everton win three of their first four matches under his leadership. They escape relegation, finishing seven points above third-bottom Ipswich.
December 5 - With Everton fifth in the Premiership after four successive 1-0 wins in November, Moyes is named Barclaycard manager of the month - the first Everton boss to land such an award for more than three years.
2003: January - Everton suffer surprise 2-1 loss to Third Division Shrewsbury in FA Cup third round.
May - Everton beaten on final day of season by Manchester United and Blackburn take final UEFA Cup place. Moyes named League Managers' Association manager of the year for the first time
2004: The promise of Moyes' first full season in charge fades and the debt-ridden club spend the tail-end of the 2003-04 campaign battling against relegation.
May - Everton escape relegation but their 5-1 defeat on final day of season sees them finish 17th.
August - Everton bow to pressure and sell star striker Wayne Rooney to Manchester United in a deal worth up to #27million.
September - Everton make encouraging start to season and climb to third in Premiership with 1-0 win over Middlesbrough.
November 12 - With Everton still third after 12 games, Moyes agrees new five-year contract.
2005: May - Everton break the big-four cartel by finishing fourth in the Premier League, above city rivals Liverpool, to qualify for the Champions League. Moyes is named LMA manager of the year for the second time in three years.
August - Everton's Champions League ambitions end at the earliest opportunity as they are beaten in qualifying by Spain's Villarreal.
September - Things get worse for Moyes as Everton are hammered 5-1 by Dinamo Bucharest and crash out of the UEFA Cup as well.
October - Everton's league form mirrors their European disaster and they sit bottom of the league, resulting in calls for Moyes' head in some quarters.
2006: May - The Toffees stick with Moyes and recover to finish 11th.
2007: May: Steers Everton into the UEFA Cup with a sixth-place finish.
December 12: Everton beat eventual UEFA Cup winners Zenit St Petersburg 1-0 at Goodison Park in a UEFA Cup group stage match.
2008: March 12: The Blues lose on penalties to Fiorentina in the UEFA Cup last 16.
May: Everton finish fifth to qualify for the UEFA Cup again.
September 29: Admits FA charge of improper conduct in relation to an incident against Stoke on September 14.
October 2: Everton crash out of the UEFA Cup in the first round to Standard Liege.
October 14: Signs new five-year contract at Everton.
2009: April - Everton reach the final of the FA Cup with a semi-final victory over Manchester United, but eventually miss out on the trophy to Chelsea.
2012: Everton finish the 2011/12 season above arch-rivals Liverpool in the Premier League table for the first time in seven years.
2013: May 9: Everton announce Moyes will leave the club at the end of the season. United later confirm he will take over as manager on July 1 on a six-year contract.
David Moyes' departure from Everton at the end of the season will leave the Goodison Park club with a huge void to fill.
Moyes will become Manchester United's new manager on July 1 on a six-year contract to replace the retiring Sir Alex Ferguson.
Here, Press Association Sport looks at who could be in contention to take over at Goodison Park.
The Spaniard, who interested Liverpool last summer, has won many admirers with his brand of football at Wigan and his ability to work on a budget may appeal to the Goodison hierarchy.
The Celtic boss may feel he has done all he can in Scotland, especially with the loss of Old Firm games. Has European experience, having beaten Barcelona this season, which would appeal to the Toffees.
The 44-year-old has enjoyed two hugely successful seasons since succeeding Andre Villas-Boas as Porto coach and is out of contract in the summer, which means Everton would not have to pay compensation. Unknown quantity in British football, however.
Winning a trophy in his first season in English football has only enhanced the Dane's reputation, having been lauded for his work with the Swansea side in the short term. Has managerial experience in four countries in addition to a glittering playing career.
The Toffees captain is scheduled to leave the club to extend his playing career but could possibly be tempted to stay if it was as manager, having turned down a job on the coaching staff. Will assist England Under-21s this summer but would be a leap of faith by the Everton board.
Hughes, a former Everton player, has already expressed his interest. Sacked by QPR in November, his appointment would likely be unpopular among the majority of fans.