The 62-year-old former Fulham, Inter Milan and Switzerland manager will hold a press conference this afternoon following the first day of pre-season training at Melwood.

He told the club website: "This is the biggest job in club football and I'm honoured to be taking on the role of manager of Britain's most successful football club. I look forward to meeting the players and the supporters and getting down to work at Melwood."

Hodgson succeeds Rafael Benitez, whose six-year spell at Anfield was ended by mutual consent after a disappointing season.

Liverpool had remained tight-lipped regarding developments in the search for Benitez's replacement, leaving numerous names to be linked with the post.

Former Reds boss Kenny Dalglish, now an Academy ambassador at the club, was tasked with assisting managing director Christian Purslow in identifying the right man before emerging as a serious candidate for a second stint at the helm.

Aston Villa boss Martin O'Neill, Marseille coach Didier Deschamps, Galatasaray's Frank Rijkaard and former Real Madrid manager Manuel Pellegrini were among those also talked about, but Hodgson was widely believed to be the number one contender.

The Fulham manager's stock has risen sharply since guiding the unfancied Cottagers to the final of the Europa League last season - beating Juventus along the way.

A seventh-place finish in the 2008/09 Premier League campaign also represented uncharted territory, and Hodgson excelled in the league once again last term as he kept Fulham comfortably in mid-table throughout.

He was named manager of the year by the League Managers Association in 2009/10. Hodgson started out in management in 1976 with Swedish side Halmstad and also counts Bristol City and Blackburn among his former clubs.

He has also managed at international level with the Swiss plus Finland and United Arab Emirates.

Eurosport