The Scot has replaced new England boss Sam Allardyce, with his first port of call being to sanction deals for Micah Richards and Yann M'Vila
The former Manchester United and Everton boss will be paid more than the £2million-a-year Sam Allardyce earned at the Stadium of Light.
Speaking to the club's website, Moyes said: “I am delighted to have joined Sunderland. I am relishing the challenge and excited by the opportunity.
“I have taken over a big British club, with a great support and I’m looking forward to working in the Premier League again.
“I look forward to continuing the good work done by Sam.”
Sunderland moved swiftly to finalise an arrangement with Moyes yesterday after hammering out a £3million compensation deal with the FA for Allardyce’s release to the England job.
Pointedly Sunderland didn’t wish former boss Allardyce luck in the job, fuming that they have had their pre-season disrupted.
Sunderland have £5million Micah Richards lined up and play-maker Yann M’Vila said this week he wanted to join after last season’s successful loan spell. Moyes will now have to convince him make the move from Rubin Kazan.
Moyes is back in football after being sacked at Old Trafford and Real Sociedad.
He believed the Sunderland job is a good fit, having had a decade of success at Everton.
The Scot has been set the task of removing Sunderland from their annual relegation battle and target the top half of the division.
Moyes could even be in charge for the friendly at Rotherham on Saturday afternoon.
If not, Sunderland want him in charge to lead the trip to France with games against Stade Nyonnais, Dijon and Montpellier.
Moyes will get at least two years to rebuild Sunderland, and offer some managerial stability after four appointments in the last 16 months.
Moyes could get up to £40million to spend from Ellis Short, but is playing catch up with no new recruits so far this summer.
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