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Former Leicester City manager is set to make a sensational return to the Premier League after he was appointed as the new manager of bottom-table side Fulham.
The decision means Slavisa Jokanovic has been sacked after taking five points from 12 matches and conceding 31 goals this season.
Ranieri has reportedly been given a multi-year contract by his new employers.
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Speaking of the decision (via BBC Sport), Fulham chairman Shahid Khan said, "Making a change without having the right answer or succession plan was not an option."
"So having someone of Claudio's calibre ready to accept our challenge was comforting but, most of all, essential."
"Claudio is risk-free and ready-made for the Premier League, and particularly so for what we need at this moment at Fulham."
"His recent body of work with Leicester City is literally legendary, and then you look at Claudio's experience with Chelsea and big clubs throughout Europe, and it's pretty evident we are welcoming an extraordinary football man to Fulham Football Club."
Ranieri, who led Leicester City to the Premier League title in 2016, spoke of his new role saying, "It is an honour to accept Mr Khan's invitation and opportunity to lead Fulham, a fantastic club with tradition and history," said Ranieri, who spent last season in charge of French club Nantes."
"The objective at Fulham should never be to merely survive in the Premier League. We must at all times be a difficult opponent and should expect to succeed."
"This Fulham squad has exceptional talent that is contrary to its position in the table."
"I know this team is very capable of better performances, which we will work on straight away as we prepare for Southampton at the Cottage."
The Italian's first game in charge of his new club will be after the international break on November 24.
Twitter has since exploded with reactions to the news:
