Eriksson, who settled into the hot seat as former Thai premier Thaksin Shinawatra moved to the brink of completing his takeover of the club, immediately pledged to build a squad capable of delivering results in line with City's status as one of the best-supported clubs in England.

"This is an exciting challenge and I have already started making preparations for the new season," Eriksson said.

Describing the chance of managing City as too good to turn down, he added: "Manchester City is a big, big football club. It is the Premier League - I think it is the best league in the world and if you get an opportunity to work in it you should take it and I did."

Eriksson, 59, has been out of work since stepping down as the national team manager following England's quarterfinal exit from the 2006 World Cup.

Although he was regarded by some as having failed to get the best out of a talented generation of England players, Eriksson has an impeccable record in club football, having won titles in his native Sweden, Portugal and Italy.

"Sven's vast experience of managing top clubs to success around Europe is one of the qualities that attracted us to him," City's chief executive, Alistair Mackintosh said.

"He also knows the English Premier League inside out during his time as national team manager."

Eriksson was catapulted into pole position to succeed Stuart Pearce at the City of Manchester stadium after Claudio Ranieri, Thaksin's first choice, opted to join Juventus.

Eriksson revealed that he had turned down other job offers over the last year and shrugged off the fact that he had not been the club's first choice.

"I am happy I didn't accept the offers I had. I couldn't care less if I was second, third of fourth choice -- I am here and the job is mine."

England under-21 boss Pearce was sacked at the end of last season, which City ended just four points above the relegation zone.

Eriksson's task of reviving the club's fortunes has since been made harder by the departure of Joey Barton, the club's top scorer and best player last season, and former captain and defensive lynchpin Sylvain Distin, as well as Trevor Sinclair, Stephen Jordan, Hatem Trabelsi and DeMarcus Beasley.

Eriksson has reportedly told Thaksin that he needs at least ten new players to make City competitive and a transfer fund in the region of 50 million pounds (100 million dollars).

The Thai tycoon, who has lived in exile in England since being deposed by the military in a bloodless coup last year, announced on Friday that he had acquired 74.03 percent of the shares in City and declared his takeover offer unconditional.

Once he has acquired 75 percent of the club, Thaksin can delist it from the Stock Exchange, which he intends to do. If he reaches 90 percent he can force other shareholders to sell to him and become the sole owner.