Carlo Ancelotti has been named the new manager of Everton, the club confirmed on Saturday.

Ancelotti moves to Goodison Park on a deal until the 2023-24 season.

"This is a great club with a rich history and a very passionate fan base," Ancelotti said. "There is a clear vision from the Owner and the Board to deliver success and trophies.

"That is something that appeals to me as a manager and I am thrilled at the prospect of being able to work with everybody at the Club to help make that vision a reality.

"I have seen from the performances in the last two weeks that the players are capable of so much. The work Duncan has done is a great credit to him. Strong organisation, strong discipline and the right motivation are some of the key ingredients in football and I'm pleased that he will be part of my backroom team moving forward."

? | Introducing the new manager of Everton Football Club, @MrAncelotti! #WelcomeMrAncelotti pic.twitter.com/zNNoix8H5R

— Everton (@Everton) December 21, 2019

Sources had told ESPN how the three-time Champions League winner had an offer from Everton and he will be in stands against Arsenal on Saturday with his role officially starting on Sunday.

Ancelotti was sacked by Napoli earlier this month after a high-profile falling out with club chairman Aurelio de Laurentiis.

His new club are 16th in the Premier League, three points above the relegation zone, having sacked Portuguese coach Marco Silva after a 5-2 defeat by Liverpool on Dec. 4.

Former Everton striker Duncan Ferguson beat Chelsea 3-1 and drew with Manchester United 1-1 at Old Trafford during his two matches in charge.

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Ancelotti's arrival is a coup for Everton. In his previous roles at AC Milan, Chelsea, Paris Saint-Germain, Real Madrid and Bayern Munich, he won four league titles and the Champions League on three occasions -- twice with Milan and once with Real Madrid, ending their 12-year wait for a coveted tenth European Cup.