Megson has been out of work since leaving Forest in February 2006

Megson succeeds Martin Allen as Foxes boss, with ex-Leicester defender Gerry Taggart and Frank Burrows to be given roles in his coaching staff.

Former West Brom boss Megson, 48, has been out of work since leaving Nottingham Forest in February 2006.

Megson told Leicester's website: "I'm delighted to be back in management, and doubly so that it's with a club of Leicester's stature.

Interview: New Leicester boss Gary Megson

606: DEBATE Not Megson... please Milan no!!! Cynicall_Sid

Megson will be the Foxes' fifth manager in 18 months and the fourth since Milan Mandaric took control of the club in February.

Allen was sacked on 29 August just four games into his tenure following a disagreement with Mandaric.

Megson twice achieved promotion to the Premier League with West Brom, in 2002 and 2004.

He added: "Leicester is a Premiership club in everything but its divisional status.

"The stadium and training ground are both of the highest standard whilst the support is both Premiership standard in its quality and quantity.

"In coming to Leicester I am not just working at a Championship club that is happy to plod along.

"This club has got ambition to get back into the Premiership and that appeals to me greatly."

Megson has previously managed Norwich, Blackpool, Stockport and Stoke before arriving at West Brom.