Ally McCoist likened following in the footsteps of Walter Smith to "taking the microphone from Frank Sinatra" as Rangers finally confirmed his planned succession to the manager's role.
McCoist, the club's record goalscorer, has been handed a one-year rolling contract, which will start when Smith steps down at the end of the season.
Smith has won 19 trophies and reached a European final in two spells as Rangers manager and McCoist, as player and coach, has been with him all the way, winning six as assistant boss, including four cup competitions in which he has enjoyed a more hands-on role.
McCoist, who will be assisted by Kenny McDowall and first-team coach Ian Durrant, said: "What Walter has done is incredible. Following him is like taking the microphone from Frank Sinatra.
"It's a very difficult act to follow, but it's not something I'm scared of, anything but. I am confident enough I can continue the great tradition."
Meanwhile, Celtic manager Neil Lennon insists he is "entirely relaxed" about his Parkhead future amid increased coverage of his contract situation.
Several former Celtic players have called for the club's board to hand Lennon an extended contract in the wake of their recent impressive form.
A one-sided 3-0 victory over Rangers last Sunday extended Celtic's lead in the SPL to eight points with a domestic treble still a possibility.
"There has been a lot said in the past few weeks about my contract, but I have to say myself and the board are entirely relaxed about this," said Lennon. "My contract does not expire at the end of the season. I actually have a rolling contract similar to previous Celtic managers."