(CNN) -- English club Newcastle has given Alan Pardew another chance to prove himself as a Premier League manager, appointing the former West Ham boss to replace Chris Hughton on Thursday.
Hughton was sacked on Monday after leading the team immediately back into the top flight and then mid-table respectability this season.
Pardew was given a lengthy five-and-a-half-year deal at the north-east club, winning the role ahead of other bookmakers' favorites such as former Ajax coach Martin Jol.
"I am honored and privileged to have been given this opportunity at one of the truly great clubs in English football," the 49-year-old Englishman said in a statement on the club's website.
His first match in charge will be a home match against Liverpool at St James' Park on Saturday.
Pardew was sacked by third-division Southampton earlier this season, and has previously been in charge of Charlton Athletic -- relegated from the Premier League in 2006-07 -- and Reading.
He is Newcastle's sixth manager in three years, including former favorites Kevin Keegan and Alan Shearer, and is aware that fans are unhappy after the dismissal of the popular Hughton.
"I understand what this club means to its supporters," Pardew said. "Throughout the football world, people recognize that this is a unique club in many ways, with supporters who are second to none in their loyalty, passion and devotion to the team.
"Chris Hughton did a great job last season, guiding the club back to the Premier League. He continued that good work this season. It is my aim to build on that now and take this club forward."
Pardew knows he will be working on a tight budget set down by owner Mike Ashley, who tried to sell the club in 2008 but took it off the market a year later after failing to receive acceptable offers.
"I intend to focus developing exciting young players through the club's excellent academy and development squad, and I know the board here at St James' Park are very committed to that too," Pardew said.
"I can't wait to get started, and what better way to kick off than welcoming Liverpool to St James' Park on Saturday."
He said he was aware that he faces a backlash from Newcastle fans upset that Hughton had been fired.
"I know they are frustrated, that's fairly obvious by the reaction. I'm not going to say I have kept away from it, I have tried to keep up to date with the frustration," Pardew said.
"They probably thought they had some stability with Chris and that's gone, and the record of managers who have come and gone here, it doesn't bode well. I am trying to say that I will work as hard as I possibly can here to get a situation where I can bring some longevity to the job."