Dean Saunders has left Doncaster Rovers to take the vacant manager's job at Wolverhampton Wanderers.
Wolves fired Stale Solbakken just six months into the job following Saturday's FA Cup defeat to Blue Square Premier side Luton Town.
But they moved quickly to install his successor and held talks with the former Wales international about a move to Molineux on Sunday.
Saunders has guided Rovers to second in League One but club chiefs said they would not block his move to the Championship.
Doncaster's chief executive, Gavin Baldwin, confirmed Saunders' departure in a statement released on Sunday evening.
"I can confirm that Dean Saunders has agreed to take over as manager at Molineux," Baldwin told the club's official website.
"We have agreed a good deal for Doncaster Rovers. Work has already started on trying to find a replacement for Dean and continue our push for promotion back to the Championship.
"I have spoken with Dean to thank him for the fantastic job he has done here at Doncaster and wish him well for the future."
Wolves later released a statement, saying: "Wolves can tonight confirm that terms have been agreed with both Dean Saunders and Doncaster Rovers for Saunders to become the club's new manager.
"The formalities of the move are yet to be completed and a fuller statement will be issued once they are finalised."
Saunders, who will take over a Wolves side languishing 18th in the Championship, numbered Derby, Liverpool and Aston Villa among his clubs during his playing days as a prolific striker.
After coaching stints with Bradford, Blackburn, Newcastle and Wales he took his first managerial post at Wrexham, before taking charge at Doncaster in September 2011.