Carlo Ancelotti has issued a statement via social media, saying it is 'an honour' to be named as Pep Guardiola's successor at Bayern München.
Bayern CEO chief executive Karl-Heinz Rummenigge confirmed on Sunday that Guardiola would part ways with the club at the end of the current campaign, at which point Ancelotti would take up the reins at the Allianz Arena.
Ancelotti has agreed on a three-year contract with the Bavarian giants, ending speculation that he could replace Antonio Conte as Italy's coach.
"It's an honour for me to be a part of this great club next season, FC Bayern Munich," read a statement, posted by Ancelotti on Twitter.
"When I knew of this club's interest I didn't want to consider any other offer.
"I honestly wish FC Bayern Munich and my friend Pep Guardiola the best for the current season.
"I wish a merry and peaceful Christmas and a happy new year to all Bayern's fans and to all of you."
The 56-year-old has been without a job since his sacking by Real Madrid at the end of last season and counts Paris Saint-Germain, Chelsea, Milan and Juventus amongst his former clubs.