Alan Pardew has signed a three and a half year contract with his former club, Crystal Palace.
The announcement ends a four year career in charge at Newcastle United.
In a statement, Pardew said he was 'absolutely delighted' to be the new manager.
He said: "Everyone knows my history here, what's important now is to move the club to the next level. I believe with the backing of Steve [Parish] and the board I can help achieve that and create some new exciting history for the club."
Chairman Steve Parish has welcomed Pardew back to Selhurst Park.
"We wanted a manager with a great track record and proven experience in the Barclays Premier League.
"In Alan we have both these things as well as a man who has great affection for this club and shares my determination to take us to the next level."
Alan Pardew will take charge for tomorrow's FA Cup tie at Dover Athletic.
Palace will face the Magpies for the first time since Pardew's appointment on Feb 11 when Newcastle play away at Selhurst Park.
Alan Pardew thanked players, coaches and owner Mike Ashley for their support during his time at Newcastle United.
The club confirmed this morning that Pardew has been released from his contract - which was due to run until 2020 - to manage his former club, Crystal Palace.
He also had a "special thanks" for fans, some of whom were calling for him to go at the start of the season when the Magpies were in the bottom three.
"It has been a privilege to manage Newcastle United and I want to thank my captain Fabricio Coloccini and all the players, John Carver, Steve Stone, Andy Woodman, and all the staff, all of who have been outstanding servants to Newcastle United.
"A special thanks also goes to the fans for all their support over the last four years.
"I must also thank Mike Ashley and the board for their unwavering support during my tenure at the Club."
Alan Pardew has been released from his contract at Newcastle United to take over as manager at Crystal Palace.
After days of speculation and negotiations, football's worst kept secret was finally made public this morning.
John Carver and Steve Stone will be in the dug-out for today's FA Cup third round fixture at Leicester City.
In a statement, Newcastle United said the search for a new head coach had already begun.
Crystal Palace still won't confirm the appointment of Alan Pardew, but are tweeting about him.Read the full story ›
An eerie silence hangs around St James' Park.
The club's only statement regarding departed Alan Pardew is a simple 'no comment'.
This is despite it being widely reported that Pardew started his new job at the helm of Crystal Palace today.
The London club is also refusing to confirm or deny anything at this stage.
Alan Pardew sat in the stands watching his new team perform during Palace's goalless draw at Aston Villa yesterday.
As he did so, John Carver took over the manager's bench at St James' Park for at least one match - a 3-3 draw at home to Burnley.
So Alan Pardew is definitely gone, even though both clubs are refusing to confirm this.
Who will be his long-term replacement? Will Newcastle United say anything to fans - those poor people with a lifelong vested interest in the club?
As soon as we find out we will let you know.
It has been an eventful four years at Newcastle for Alan Pardew.
Phil Roscoe looks back at the highs and lows of the manager's time on Tyneside.
Hull City boss Steve Bruce has ruled himself out of replacing Alan Pardew as Newcastle manager.
Bruce says that while he's a lifelong Newcastle fan he is committed to Hull, having already turned down other offers.
As it stands, Alan Pardew is still Newcastle United's manager. But he may not be for much longer.
Pardew is on the brink of becoming the new Crystal Palace boss.
His assistant, John Carver, held Newcastle's pre-match press conference today (December 31).
And he shed some light on what's been happening at the club over the last few days:
Tony Pulis has not been offered the opportunity to replace Alan Pardew as Newcastle manager.
There has been claims the former Stoke and Crystal Palace boss had turned down the chance to take over at St James' Park. Sources now say the proposition was never put to him.
Hull boss Steve Bruce has ruled out any chance of him becoming Newcastle manager, should Alan Pardew move to Crystal Palace.
Bruce is a boyhood Newcastle fan and said he was "flattered" to be linked with the position but is committed to Hull and has already turned down three offers from other clubs during his time at the Tigers.
Pardew is yet to complete a move to Crystal Palace after Newcastle announced on Monday night that a compensation figure had been agreed and he had been given permission to talk to the Eagles.
Bruce told a news conference ahead of tomorrow's clash with Everton:
People know that I am from Newcastle, I was a Newcastle supporter as a boy and it has been regurgitated since I was a 22-year-old playing for Norwich and Gillingham. For that obvious reason every time I am linked with them. It's very flattering as I'm a Geordie but that's it. I have a job to do here and it would be wrong for me to think of anything else other than get this club out of the position we are in and that's all I am focused on.It would be wrong for the speculation to keep carrying on for the club, for the supporters, for the players. I am determined to see this through and make sure we stay in the Premier League and build on the good work we have done in the last two hand a half years. I have had three offers in the two and a half years I have been here and I have turned them all down so I think the chairman knows the way I feel and why would I want to leave now? It's not right, and I hope people respect that.
Hull are only a point off the relegation zone and Bruce accepted that some fans might believe it was time for him to go.
We all know the industry, the one thing you don't want to see is fellow managers being sacked but I understand the nature of the beast and some people in this city probably think its my time for my head to roll. Thankfully I have a chairman I am convinced will stick by me. One thing none of us need is distraction and we want to be fully focused on one thing - to get us out of trouble.