(CNN) -- Harry Redknapp is hoping to perform another Premier League rescue act after being confirmed as the new manager of bottom club Queens Park Rangers on Saturday.
The 65-year-old, who kept both Portsmouth and Tottenham in the English top flight, has replaced Mark Hughes.
The Welshman was fired on Friday after 11 months in charge, having failed to win a league match this season.
Redknapp, who was interested in becoming coach of the Ukrainian national team, was at Old Trafford on Saturday for Rangers' game against Manchester United.
Redknapp has been out of work since being sacked by Tottenham five months ago, having taken the London club to fourth in the Premier League but missing out on another Champions League campaign after Chelsea's Munich triumph in May.
"I'm delighted to be back in the managerial hot-seat at QPR," said Redknapp, who won the English FA Cup with Portsmouth in 2008 after returning the club following a controversial move to neighboring Southampton, who were relegated in 2005.
"When I spoke to the shareholders and they told me about their plans I knew this was too good an opportunity to turn down.
"There's no doubt there's a lot of ability in the squad, but for one reason or another things haven't gone as well as everyone expected since the start of the season.
"I can't wait to get to work and get the results necessary to kickstart our season."
Redknapp was named Premier League manager of the year for 2009-10 after taking Spurs to Champions League qualification for the first time, and he guided the team to the quarterfinals in Europe the following season.
He had taken over with the club bottom of the Premier League in October 2008 with just two points from eight games, but guided Spurs to eighth place.
The former West Ham manager was favorite to take over as England boss when Fabio Capello quit in February this year, but -- although he was cleared in a high-profile tax court case -- missed out to Roy Hodgson and was then sacked after a poor finish to the season.
"Harry was our number one target, the unanimous choice of the board and we're delighted we've been able to attract him to the club," QPR chairman Tony Fernandes said.
"He has a proven track record in the Premier League and has all the characteristics we were looking for to get us out of the current situation we find ourselves in.
"His man-management skills are second to none and we are confident he is the right man to lead us away from the bottom of the table."
Redknapp said on Friday he had been "close" to filling Ukraine's vacant coaching role.
"It was a job which excited me. We met the people and they were fantastic," he said.
"It was exciting and something I'd never done in my life and something I was really up for.
"But when Mark left the job it changed everything. Yesterday, I was almost on my way to Ukraine. But when I got the phone call it changed everything around."