Real Madrid have appointed former Chelsea boss Carlo Ancelotti as their new manager, replacing Jose Mourinho.
The 54-year-old Italian was widely reported as the front-runner to replace Mourinho, who has returned to manage Ancelotti's former club Chelsea, at the Bernabeu despite being under contract with French champions Paris St Germain.
Real have not confirmed the length of contract handed to Ancelotti, or if any compensation has been paid to PSG, but a statement published on www.realmadrid.com today read: "Carlo Michelangelo Ancelotti will coach Real Madrid next season.
"The Italian has experienced success in every country where he has managed and arrives in the Spanish capital after being named coach of the season in France."
It was later confirmed that Ancelotti has been handed a three-year contract at the Bernabeu, with the signing to be formalised in the stadium's royal box at 1200 BST on Wednesday before he holds his first press conference.
Former France manager Laurent Blanc, meanwhile, replaces the Italian at the Parc des Princes on a two-year deal.
A two-time Champions League winner with AC Milan, Ancelotti has won domestic league titles in three different countries during spells with the Rossoneri, Chelsea and PSG.
His eight-year stint at San Siro, where he had previously enjoyed five successful season as a player, also saw him claim the Serie A title, two UEFA Super Cups, the Club World Cup, two Coppa Italia trophies and the Italian Supercoppa alongside Champions League triumphs in 2003 and 2007.
A move to Chelsea to succeed Guus Hiddink materialised in 2009 and, after lifting the Community Shield in his first competitive game as Blues boss, he guided the Londoners to a league and FA Cup double in 2010. He was, however, sacked in May 2011 after Manchester United reclaimed the Premier League title.
After six months out of the game, ambitious PSG lured Ancelotti to Paris in December 2011 and he clinched the Ligue 1 title at the end of his first full season in charge.
Real's priority remains securing the Champions League trophy for the first time since 2002 and Ancelotti's record in the competition is likely to have helped him edge out his rivals for the position.
The club are also determined to reclaim the Primera Division title from Barcelona after Mourinho's last season in charge saw Real finish a disappointing 15 points shy of the Catalans.