Carlo Ancelotti has agreed to become the new Everton manager — but will resume work on Monday.
The Italian will be at Goodison for Saturday’s visit of Arsenal — the club he was originally expected to take over — where caretaker Duncan Ferguson will be in charge for the final time.
Former Chelsea boss Ancelotti, 60, has agreed a deal worth £50million over the next 4½ years.
His first game in charge will be the Boxing Day clash with Burnley at Goodison.
Everton major shareholder Farhad Moshiri has fulfilled his promise of bringing in what he described as a “Hollywood manager”.
So far he has gone through Ronald Koeman, Sam Allardyce and Marco Silva in his search for the right man.
Now Moshiri has bagged a blue-chip boss who has won the Champions League three times.
Moshiri has already forked out £440m in transfer fees — but has also assured Ancelotti that there will be plenty more money where that came from.
A proper budget to shoot Everton up the Premier League table was one of the priorities demanded by the former Real Madrid chief.
Ancelotti — despite the presence of director of football Marcel Brands — was also given a major say in buying and selling players.
He left Napoli this month after bust-ups with controversial owner Aurelio De Laurentiis and dressing room mayhem.
But Ancelotti has been assured by Moshiri that he will now have executive authority in the running of Everton.
That promise could put the position of Dutchman Brands under threat.
Brands, along with chairman Bill Kenwright, wanted to bring in former boss David Moyes as a safe pair of hands, with Everton sitting only three points above the drop zone and facing a possible relegation fight.
But on a salary of £11m a year, Ancelotti will have the power to make all the major decisions.
Club legend Ferguson was in control of last night’s Carabao Cup clash with Leicester and will take charge of his fourth and final game when Arsenal travel to Merseyside on Saturday.
Wily Ancelotti won the Double with Chelsea in 2010 — and that is the sort of ‘Hollywood’ target Moshiri now has in mind under the Italian.