Gordon Chisholm and Billy Dodds are the new management team at Dundee after agreeing to succeed Jocky Scott.
The pair leave First Division rivals Queen of the South to take over at Dens Park, with the league leaders three points clear in the promotion race.
Chisholm told BBC Scotland: "I'm delighted to be back. It didn't take me long to make my decision. I know the potential of the club, the size of it."
Dodds described the job as "a fantastic opportunity not to be missed".
A statement by chairman Bob Brannan, whose club had initially held talks with Partick Thistle's Ian McCall, was posted on the club's website on Sunday.
"It is with great pleasure that I announce tonight, following the sad leaving of Jocky Scott yesterday, that we have been fortunate enough to secure the services of Gordon Chisholm as the new manager of Dundee Football Club, and Billy Dodds as his assistant," it stated.
"We gained the permission of Davie Rae, the chairman of Queen of the South, to talk with the guys.
"He has agreed that the guys will be released from their contract forthwith, so Gordon and Billy will be here to take training with the players. They will be on contract until the end of season 2011/12."
Scott was sacked following the 3-0 defeat by Airdrie, bringing to an end his 15-month tenure in his third managerial spell at Dundee.
Dundee's failure to win any of their last four games means their lead at the top has been cut to three points.
Chisholm took over at Palmerston in 2007, following a two-year spell at Dundee United.
Their first match in charge of Dundee will be Tuesday's league game against former club Queens at Dens Park.
The new manager said: "The last game I played for Dundee was when I picked up the First Division trophy.
"I'll be the first manager ever to manage both (Dundee's) clubs.
"They have good strength in depth. They have a good squad, good quality.
"I think over the past couple of games they have had a couple of blips. A lot of football is about confidence and that has taken a knock and it's up to me and Billy to come in and pick it up.
"We're determined to get things right here and progress. If we get our big players playing to their potential then we'll be OK."
The Dark Blues have nine games left in their league campaign and Dodds, who leaves behind his career as a football pundit with BBC Scotland, believes each of those games represents a major challenge.
He said: "It's nine cup finals. It's going to be difficult, we're not kidding ourselves on, but we'd rather be in our position than anyone else's.
"I always said if I wanted to come back into the game it would need to be the right opportunity and Dundee Football Club certainly is.
"The board are realistic. They are all desperate to get into the Premier League but they know it's going to be difficult."
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