Sven Goran Eriksson is taking a £2 million-a-year director's job at Notts County.
The Sun says the League Two side have pulled off the coup of the decade by landing the former England and Manchester City boss.
Eriksson, 61, has accepted a five-year deal and will be allowed to bring in long-standing assistant Tord Grip plus coach Hans Backe.
And he is also considering recruiting former Nottingham Forest boss David Platt, who was once his player at Sampdoria. It is an amazing return to English football for Swede Eriksson, who was sacked as coach of Mexico three months ago.
County chairman Peter Trembling said: "We've taken the first major step in building our team of experienced and committed people by appointing Sven and Tord.
"Sven and his team join us with an unrivalled football pedigree. Their knowledge of the game and contacts throughout the football world will significantly enhance Notts County's prospects.
"Sven shares our vision, and to attract someone of his calibre is testament to the ambition that we all share for Notts County. This is a great day for everyone associated with the club."
Eriksson trousered £5m a year when he was in charge of the national side and earned around half that at Eastlands.
And he will be coining it in again following County's recent takeover by an Arab consortium.
Trembling turned to Eriksson after failing to land another former England boss, Glenn Hoddle.
The County chief is the frontman for Middle East investors including Dubai billionaire Abdullah bin Saeed Al Thani. They want to take the oldest league club in the world into the Championship within five years.