The club had been linked with a number of high-profile figures on the managerial front as they hunted a permanent successor to Mick McCarthy, who was axed in March and replaced with caretaker boss Kevin Ball.

Martin O’Neill and David O’Leary were both reported to be targets, however Quinn has opted to take the job himself.

He had to seek the go-ahead from the consortium he heads before Sunderland could ratify his appointment.

But he has now been granted approval and will inevitably be a popular choice among supporters, with whom he was a favourite as a player.

The former Republic of Ireland international played 212 games for Sunderland, scoring 69 goals, and then handed over all the proceeds from his testimonial year in 2001-02 to charity.

Sunderland were relegated from the Barclays Premiership last season with a record low points total of just 15.

Irish bookmaker Paddy Power have already began speculating on his future success, offering odds for a number of outcomes:

15/8: Sunderland to be promoted this season.

40/1: Sunderland to be relegated this season.

8/1: Quinn to be the official Coca-Cola Championship Manager of the season 2006-2007.

33/1: Quinn to come out of retirement this season and play for Sunderland

2/1: Quinn not to be Sunderland manager on the last day of this season

10/1: Quinn to step down from his position as Chairman this season.