Martin O’Neill says the timing is finally right for him to manage Nottingham Forest and he hopes fellow former Reds midfielder Roy Keane will join as assistant boss.
O’Neill, who played 371 games for Forest and helped them win back-to-back European Cups in 10 years as a player, has signed an 18-month contract.
Forest have not been a Premier League side since they were relegated in 1999.
But the 66-year-old said his sole focus was to “rectify that”.
He added: “I don’t think there is any other reason to be here.
“I’ve had a number chances to become manager but I was not sure it was the right time. Now I have the opportunity and I may not get it again so want to make the most of it. It’s great to be here and I am ready to go.
“It’s a privilege and an honour to be manager of the club. It’s a special place. Naturally, not many clubs have won two European Cups.”
Former Leicester, Celtic, Aston Villa and Republic of Ireland boss O’Neill has succeeded Aitor Karanka at the City Ground and is Nottingham Forest’s 11th full-time manager since June 2011.
Forest are ninth in the Championship table, four points outside the play-off places, and O’Neill’s first match in charge will be at home to Bristol City on Saturday.
O’Neill is eager to bring in Keane, who worked with him as his assistant manager during a five-year spell in charge of the Republic of Ireland which ended in November.
“I would dearly like him to join, but as it happened very quickly he has a number to things to sort out,” added the Northern Irishman.
“We have had some discussions and I would like him to join. There is a spot open for him.
“It may happen but he has number of things to consider personally and professionally.
“He was a great asset to me as assistant manager at the Republic of Ireland. He is tough to handle, no doubt, but that’s what makes him special. He was a special player and you don’t win things at Manchester United by just sitting round.”
O’Neill’s last job in club management was at Sunderland, who sacked him in March 2013.
? #WelcomeHomeMartin#NFFC are delighted to confirm the appointment of Martin O’Neill as the club’s new manager. https://t.co/yXCtHY7Qvx
— Nottingham Forest FC (@NFFC) January 15, 2019
O’Neill is Forest’s 12th manager in eight years, a record he himself described as daunting. He is under no illusions that he has to get the club back to the “big league” in “ultra-quick time”.
He enthusiastically acknowledged all he achieved during an “extraordinary” spell as a player at the City Ground, which included winning back-to-back European Cups, and hoped it may help to inspire the current players.
But he also appreciated it was important not to live in the past. The present situation is extremely healthy; with 19 games to go they are well placed in the league, with a strong squad and now have a manager who not only has a sentimental link to the club, but remains passionate.
He has not managed in club football for more than five years and admitted he did not know a great deal about the squad, but he seemed really up for the challenge and genuinely excited to be back.
Returning Forest to the top flight could potentially be a wonderful way to end a remarkable soon-to-be six-decade career in the game, which started as an 18-year-old player with Forest in the 1970s.