Gary Hamilton has been confirmed as the new Glenavon player/manager on a two-and-a-half year contract.
Hamilton's appointment was announced at a press conference at Mourneview Park on Thursday.
The Lurgan Blues had been negotiating the release of Hamilton from his playing contract at the Oval so that he could take the job.
Caretaker boss Pat McAllister will remain at the club as assistant manager and Hamilton will also appoint a coach.
Marty Quinn stepped down as manager two weeks ago after a disappointing series of results for the club.
McAllister has since guided the club off the basement spot in the Premiership by securing a draw against Carrick and Saturday's 3-0 win over Ballymena United.
Hamilton will take up his role as manager with immediate effect but will be unable to play for the club until the January transfer window opens.
His first game in charge will be against Linfield at Windsor Park on Saturday, followed by home matches against Crusaders and Portadown.
That is followed by another away fixture against Linfield and an Irish Cup tie with Portadown on 14 January.
Club chairman Adrian Teer explained that Glenavon had received 19 applications for the post but the decision to approach Hamilton was a unanimous one on behalf of the board.
"He was the unanimous choice of the Board of Directors who were impressed by his experience within Irish League football, his football acumen and contacts within the game and his in-depth knowledge of Glenavon FC from academy to senior level as would befit someone who has supported the club since boyhood," outlined Teer in a club statement.
"Also, his vision for the future of Glenavon Football Club and his positive ideas for regenerating the playing side of the club at all levels from Academy upwards and his determination, enthusiasm and burning desire to become the manager of this football club."
Hamilton said that his ambition was to bring the club back to where he believed it should be.
"First and foremost we must avoid relegation and then get ourselves into the top six of this league," stated the new Glenavon boss.
"We must also be in a position to reach cup finals and semi-finals," added Hamilton.