Everton have confirmed Ronald Koeman as their new manager on a three-year deal.

The Toffees will pay about £5m compensation for the 53-year-old, who leaves Premier League rivals Southampton after two years in charge.

Everton have been without a manager since sacking Roberto Martinez just before the end of the 2015-16 season.

Koeman said Everton is a club with a "great history and real ambition", while chairman Bill Kenwright called the Dutchman his "number one target".

A deal with the former Netherlands international, headhunted by new owner Farhad Moshiri, was agreed earlier in the week and is reported to be worth about £6m a year.

The official announcement was delayed until Koeman had returned from holiday.

"Ronald has such a strong track record in the game, instantly commanding respect for what he achieved as a player and for his qualities and accomplishments as a manager," added Kenwright.

"We are really pleased to have secured the man who was our number one target from the moment we set out to appoint a new manager."

Saints finished seventh and sixth under Koeman – their best Premier League campaigns.

BBC