(CNN) -- English Premier League side Bolton have finally confirmed the appointment of Owen Coyle as their new manager.
The former Wanderers striker has been on the verge of succeeding Gary Megson all week and was officially announced as the club's new manager on Friday evening.
Coyle will take immediate charge of the team, although with this weekend's clash against Sunderland postponed, his first match will be the Premier League clash with Arsenal a week on Sunday.
Former Burnley manager Coyle told Bolton's official Web site: "I'm absolutely delighted to be back at Bolton Wanderers.
"I look forward to the opportunity of bringing the good times back to the club for everyone."
Bolton chairman Phil Gartside said: "Owen was our number one target and we are naturally delighted that he has returned to the football club as manager.
"He was an inspirational player who leads by example and a great motivator and, on behalf of everyone at Bolton Wanderers, I would like to say welcome home."
The delay in confirming Coyle's appointment was largely due to Bolton's ongoing negotiations in thrashing out a compensation deal with former club Burnley.
Earlier this week, Scot Coyle made it clear to Burnley he wanted to make the move and reiterated his desire despite Burnley's reluctance to lose him.
Coyle led Burnley into the top flight for the first time in 33 years after moving from Scottish club St Johnstone in November 2007.