The former England, West Brom, Liverpool, Fulham and Blackburn manager replaces Frank De Boer who was sacked on Monday after just four games in charge of Palace as the Eagles lost all four games and failed to score a goal to open up the Premier League season.
Hodgson has been out of work since he stepped down from the England job last summer, after a humiliating loss to Iceland in the round of 16 stage at Euro 2016.
The appointment of former Ajax coach De Boer marked a clear attempt to change the philosophy from his predecessors Sam Allardyce and Alan Pardew, but in appointing Hodgson, that now appears to have been written off as a failed experiment.
“This is very much the club of my boyhood and I remember in my youth watching the club from the terraces at the Holmesdale Road end which gave me such fond memories”, he said.
Speaking to reporters outside of the club’s Beckenham facility, Hodgson said: ‘It’s a great opportunity for me to return to the game at the highest level and also at a club that I’ve always admired and liked and supported as well so it’s a good day for me, I’m very happy. “The ambitions here are realistic and there is an enormous potential for growth and I hope we can achieve our goals”.
Should Hodgson take the reins at Palace, he will have a baptism of fire at Selhurst Park with the club playing Southampton, Manchester United, Manchester City and Chelsea in their next four league fixtures. “I haven’t met them yet or started working with them yet”, he said. It’s a fact of life and it’s not my business, it’s the business of the club.
Wilfried Zaha is now an Ivory Coast worldwide, having been given his England bow by Hodgson in 2012.
“I’ve always got sympathy for managers who lose their job”.