Newcastle have appointed former Bolton boss Sam Allardyce as their new manager on a three-year contract.
Allardyce ended his eight-year reign as Bolton boss in April
The 52-year-old succeeds Glenn Roeder, who resigned on 6 May, at the helm of the St James' Park club.
Allardyce, who turned down the Newcastle job once before, said: "It is fantastic from my point of view.
"A couple of years ago there was an opportunity, which I declined, but now I feel like I'm ready to implement what I did at Bolton for seven years."
Allardyce - who refused to answer questions from BBC reporters because of a Panorama programme broadcast last September - said his ambition was to "win a trophy or qualify for Europe over the next few years".
"I'm ambitious and I know this club is," he said. "It hasn't had the best success but I feel I can turn it round.
"I've left a football club that is very, very healthy so when my time to leave Newcastle does come I hope I have done the same here.
"I hope I can bring the success that the fans are so desperate for.
"I'm not saying I can get it right at the flick of a switch. If there are some sticky times I hope we can get over them for the best of the supporters and me."
Allardyce left Bolton after a stint of nearly eight years, citing his need for a rest but also admitting the desire to win silverware was behind his decision.
After a six-day break in Spain he said the move to Newcastle came about over a hectic weekend.
He leaves behind Bolton, who claimed a Uefa Cup place after finishing seventh, to join a Newcastle side that finished 13 points behind them in 13th place in the Premiership.
Asked what makes Newcastle a more likely destination for trophies, he commented: "Everything about it. The resources, the facilities, the fans, the amount of revenue that can be generated by a club of this size.
"No disrespect to Bolton, it is a club I love, but this club is massive in terms of what it can achieve."
On Tuesday Allardyce met his backroom staff and the players who have not already left for their summer break.
Born: 19 Oct 1954 in Dudley
Playing career: Bolton (twice), Sunderland, Millwall, Tampa Bay Rowdies, Coventry, Huddersfield, Preston, West Brom (player-coach)
Managerial career: Limerick City, Preston (player-coach), Blackpool, Sunderland (academy youth director), Notts County, Bolton
Playing honours: Second Division title in 1977-78 with Blackpool
Managerial honours: Fourth division title 1997-98 with Notts County, Carling Cup runner-up in 2003-04 with Bolton
He admitted he would be phoning the players who were not present, including England striker Michael Owen, who has been linked with a move away from the club.
Allardyce is hopeful of convincing Owen and fellow forward Obafemi Martins to stay.
"You wouldn't want to lose your leading scorers. They are two fantastic scorers and are very much part of the future at Newcastle, I hope," said Allardyce.
"I hope to strengthen the squad throughout the summer months."
Allardyce also revealed that he would implementing the sort of scientific approach at Newcastle that was his trademark at Bolton - and hoped it would help solve the injury problems that have hindered the club in recent years.
He stated: "There have been too many injuries. They seem to be forever talking about the everlasting injury list. One of the first things I will have to look at are why those injuries have happened.
"Far too many players have had too many injuries too often."
Allardyce also defended the style of play he introduced at Bolton, dismissing suggestions that he favoured a long-ball game.
He added: "When I beat big clubs their manager used to have to come up with an excuse for us beating them and that was because we played long-ball football.
"When they do it at Manchester United they call it a long pass."
Allardyce made a grand entrance to the north-east, flying by helicopter on Tuesday after attending the League Managers' Association dinner in Nottingham on Monday.
He resigned as Bolton boss on 29 April and, after Roeder stepped down as the Magpies manager on 6 May, Allardyce became the favourite for the post at St James' Park.
Newcastle is like a big giant that wants to wake up
Former Newcastle manager Ruud Gullit
The former Blackpool and Notts County boss, who rejected the chance to manage Newcastle just under three years ago, was interviewed for the position of England coach last summer.
He missed out to Steve McClaren then but stressed there is no clause in his Newcastle contract allowing him to leave for England.
Former Newcastle manager Ruud Gullit has wished Allardyce well in his new job.
He told BBC Sport: "I hope he will succeed because Newcastle is like a big giant that wants to wake up.
"The fans are great, the people are great there and I hope they can do it.
"The difficulty for them is to get the right players there because most players who want to come to England want to play for Arsenal, Chelsea, Manchester United or Liverpool - the big clubs. So for them it is difficult to get the right players.
"Sometimes players go there who maybe didn't want to but had no other choice.
"There are some outstanding players there but it hasn't been a team, for one reason or another, so I hope he will make a team. Team spirit will be the most important thing."