Previously, French manager Zinidine Zidane shocked the footballing world by announcing his resignation from Real Madrid.
Real Madrid CF announces that Julen Lopetegui will coach the first team for the next three seasons.
The Champions League winners had been without a boss since Zinedine Zidane revealed that he was stepping down from his role last month, but the Spanish giants have acted quickly to secure the Frenchman's replacement.
"Julen Lopetegui will join the club after Spain's participation in the World Cup, after two years leading the national team". Before that, he was in charge of Spain's U21s, who won the 2013 European Championships.
The 51-year-old was a goalkeeper in his playing days, and played for both Madrid and Barcelona during his career.
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Lopetegui returned to club management with Porto in 2014, but he was sacked midway through his second season after failing to deliver silverware, leaving the club in January 2016 with the club third in the league, and out of the Champions League.
Real Madrid were keen on appointing Spurs manager Mauricio Pochettino, but were put off by the hefty fee they would have had to pay for the Argentine after he recently signed a five year contract.
The timing is also unexpected as Spain kick off their World Cup campaign on Friday when they take on Portugal at the Fisht Olympic Stadium in Sochi, Russia.
Lopetegui's side qualified for the World Cup by topping their group with nine wins out of 10.