Wolves have confirmed former Republic of Ireland and Sunderland boss Mick McCarthy is to become their new manager.
The 47-year-old, who has signed a 12-month rolling contract, will officially take over as manager on Monday after returning from a holiday in Portugal.
He succeeds Glenn Hoddle in the Molineux hotseat after the former England boss left the post complaining of insufficient transfer funds on July 1.
McCarthy was sacked by Sunderland in March during a miserable season for the Black Cats which brought just three league wins and ended in relegation.
But Wolves will point to his previous record at the Stadium of Light, with McCarthy having steered the Wearside club to the 2004 First Division play-offs in his first full season and then the title in 2005.
He will be expected to wheel and deal in the transfer market with Wolves having released or sold several high-earning players this summer following the end of their parachute payments, which followed relegation from the Premiership in 2004.
'I'm delighted to be joining Wolves,' said McCarthy. 'There's a big job to do at Molineux and I'm relishing the challenge.
'I can't wait to get down to work. With just two weeks to go before the start of the season there's lots to be done.
'It's going to be a busy but exciting time.'
The Yorkshireman began his managerial career with Millwall in 1992. He became the Republic of Ireland boss in 1996 - taking them to the 2002 World Cup finals and elevating them from 54th to 13th in FIFA's world rankings.
He resigned that post in November 2002 and four months later took over as manager at Sunderland, who were already heading for relegation from the Premiership.
Wolves' chief executive Jez Moxey added: 'We are thrilled to have agreed a deal for Mick to take over as manager of Wolves. He has all the qualities we were looking for in a manager and has an excellent record of football achievement.
'I thought the job he did at Sunderland in taking them to third in the Championship in 2003/04 following relegation and then winning promotion as champions in 2004/05 was one of the most impressive managerial jobs I have seen in this division.'
It would appear McCarthy has already begun working on bringing new players into the club with his former Sunderland centre-half Gary Breen joining Wolves on a two-year contract on Thursday.