Moyes signed a four-year deal after Everton agreed a compensation package with Preston North End for the highly-rated 38-year-old.

The Scot is convinced he can keep Everton in the Premiership, but is only likely to have a �5m transfer fund to help him achieve his aim.

And Moyes could attempt to spend a large proportion on Brighton's young marksman Zamora.

He was eyeing Zamora with the �5m he raked in at Preston when Jon Macken signed for Manchester City - and may renew his interest at Everton.

Bristol Rovers' striker Nathan Ellington, who scored an FA Cup hat-trick against Derby County, has also impressed Moyes.

Moyes is confident he can keep Everton up, and revealed former boss Walter Smith advised him to take the job.

"I have great faith in what can be achieved here. I'm under no illusions.

"I would prefer not to be in this situation, I would prefer to be at the top of the league."

Everton, who are languishing near the bottom of the Premiership, only sacked Walter Smith on Tuesday night.

But they have moved quickly for Moyes, considered one of the brightest young managers in football.

Everton have nine games left for Moyes to turn around their poor season.

If Moyes keeps the Toffees up a further amount will be payable.

Moyes' first game in charge will be against Fulham at home on Saturday.

Preston chief executive Tony Scholes said Kelham O'Hanlon and Jimmy Lumsden would take charge of Preston for their match against arch-rivals Burnley.

Scholes said: "Whilst our preference would have been for David to remain as our manager, it would not have been right to have stood in his way once he made it clear he wanted to go to Everton.

"We have reached a very good settlement and I am glad that we reached an amicable solution in a civilised manner."