The 52-year-old had been the hot favourite to get the job since Glenn Roeder was sacked.

"It is fantastic from my point of view," said Allardyce, who turned down the Newcastle job before.

"A couple of years ago there was an opportunity which I declined, now I feel l ike I'm ready to implement what I did at Bolton for seven years."

Allardyce said his ambition was to "win a trophy or qualify for Europe over the next few years".

"I'm ambitious and I know this club is. It hasn't had the best succcess but I feel I can turn it round.

"I've left a football club that is very, very healthy so when it does come my time to leave Newcastle I hope I have done the same here.

"I hope I can bring the success that the fans are so desperate for.

"I'm not saying I can get it right at the flick of a switch. If there are some sticky times I hope we can get over them for the best of the supporters and me."

Roeder left Newcastle earlier this month after a disappointing season which ended with the club in 13th place having registered their lowest Premiership points total, 43.

Allardyce stepped down from his position at Bolton on April 29 after eight successful years with the cash-strapped Lancashire outfit.

He previously turned down the chance to manage the Magpies three years ago, and last summer he was interviewed for the England job but lost out to Middlesbrough boss Steve McClaren.

Allardyce - who revealed there was no clause in his contract to release him for England in the future - confirmed he hopes to strengthen the squad this summer, but would also look to bring the famed 'scientific' approach and attention to detail which worked so well at Bolton, to St James' Park.

"I want to get a great team spirit behind the scenes as well as on the pitch, that wins football matches," he said.

"No disrespect to Bolton, a club I love, but this club is massive. I want the players to want to come to Newcastle United and to want to play for the club.

"We will look at structuring behind the scenes, the sort of science and football way I work. We will look at what data and what information we need to start need storing.

"I will get the staff working with me, with maybe one or two additions in the future.

"I've got to bide my time, it doesn't happen overnight."

Allardyce added that he was determined to keep strikers Michael Owen and Obafemi Martins at Newcastle.

"The speculation around Michael will be resolved once we get to speak to him," he said. "You wouldn't want to lose your leading goalscorers and there are two fantastic goalscorers we want to keep at the club."