Peter Taylor has been unveiled as the new manager of Crystal Palace after ending his three-and-a-half year tenure at Hull City.
Taylor replaces Palace's previous manager Ian Dowie who left in May.
The England under-21 coach, 53, was given permission to speak to the Eagles by Hull last week.
"I'm looking forward to the challenge and getting promotion to the Premiership," said Taylor.
"The Championship is a hard division but if you look at Crystal Palace we have very good players."
Luton boss Mike Newell and former Newcastle manager Graeme Souness also spoke to Palace chairman Simon Jordan.
But after Souness reportedly pulled out of the running, Jordan turned to ex-Palace player Taylor.
"Hull is a great football club and I'm delighted how things have worked out there," said Taylor.
When I got the call from Simon (Jordan) there was no doubt in my mind that I wanted to be at Selhurst Park
"I would like to thank Hull City and chairman Adam Pearson for the last three or four years I had there.
"I thoroughly enjoyed my time and it had to be something special for me to leave.
"But when I got the call from Simon (Jordan) there was no doubt in my mind that I wanted to be at Selhurst Park."
Palace will pay compensation of around £250,000 to their Championship rivals for Taylor's services.
The former Leicester, Brighton, Gillingham and Southend boss had been at Hull for three-and-a-half years and spoke to Charlton about their managerial vacancy last month following the resignation of Alan Curbishley.
But he subsequently withdrew his interest in the position.
Palace have been looking for a manager since parting company with Dowie on 22 May.
Dowie took over as manager of Charlton on 30 May.
Hull meanwhile return for pre-season training on 3 July and their chairman, Adam Pearson, will step up his efforts to bring in a new man.
Mick McCarthy, Joe Royle, Dave Penney, Martin Allen, Steve Tilson and Phil Parkinson are among the names being touted to replace Taylor.