Kenny Dalglish described his return to the Liverpool hotseat as "a great honour" but expressed sympathy for predecessor Roy Hodgson.
Liverpool's owners New England Sports Ventures finally put an end to Hodgson's miserable six months at Anfield in ruthless fashion on Saturday and immediately installed club legend Dalglish to take over in the interim.
Although Hodgson knew he was on borrowed time after NESV suggested after last week's home defeat to Wolves they were looking for alternatives he probably expected to remain in charge at least for Sunday's FA Cup third round tie at Manchester United.
He even gave an interview to the club's television channel on Friday previewing the game but less than 24 hours after that was aired he had been relieved of his duties.
On his arrival back in the country from Dubai, Dalglish told Sky Sports News: "It's a great honour to be asked to come back, it's unfortunate circumstances because a very good man with great dignity and integrity has lost his job."
Asked how big a task it would be to turn Liverpool season's around, he said: "We'll find out, I've only come off the plane, so we'll find out."
Although the club's statement earlier said the 63-year-old's departure was by mutual consent there is no doubt the club's American owners pulled the trigger - especially as less than a fortnight ago Hodgson insisted he had no intention of resigning.
By bringing in Dalglish, widely regarded as the club's best player and their last manager to win the championship in 1990, NESV have bought themselves some time while also immediately getting disgruntled supporters back on side.
The 59-year-old put his name forward for the permanent job when Benitez left but was overlooked by the previous regime.
He will now see this as his chance to get the job for good after the end of the season.
Hodgson was never the fans' first choice as manager and he was certainly not the owners', who completed their £300million takeover three months after Hodgson's July appointment.
"We are grateful for Roy's efforts over the past six months, but both parties thought it in the best interests of the club that he stand down from his position as team manager," said principal owner John Henry.
"We are delighted that Kenny Dalglish has agreed to step in and manage the team for Sunday's FA Cup tie at Old Trafford and for the remainder of the season.
"Kenny was not just a legendary footballer, he was the third of our three most successful managers - three giants.
"We are extraordinarily fortunate and grateful that he has decided to step in during the middle of this season."
Dalglish has been on holiday in the Middle East but returned on Saturday in order to take charge of the side at Old Trafford, where he will renew rivalry with old foe Sir Alex Ferguson.
Dalglish has been involved at the club since being brought back in an ambassadorial capacity by former manager Rafael Benitez a couple of years ago.
The spectre of his presence at the club has loomed large over Hodgson, who oversaw Liverpool's worst start to a season since 1953/54 - when they were relegated.
Hodgson failed to win over fans with perceived negative tactics and criticism of supporters and once performances began to go downhill rapidly his days were numbered, as he had to endure the name of Dalglish being chanted at him in recent games.
In his departing statement the former Fulham boss even suggested he had found the Liverpool job difficult.
"Being asked to manage Liverpool Football Club was a great privilege," he said.
"Liverpool is one of the great clubs in world football. I have, however, found the last few months some of the most challenging of my career.
"I am very sad not to have been able to put my stamp on the squad, to be given the time to bring new players into the club in this transfer window and to have been able to be part of the rebuilding process at Liverpool.
"The club has some great, world-class players, with whom it has been a pleasure to work and I wish the entire squad well for the rest of the season.
"I thank those with whom I have built up a close working relationship at the club for their loyalty and support during very testing times, and finally of course to the Liverpool fans, your passion and dedication to the club will see Liverpool at the top of the game once more."
Irrespective of his complaints about the depth and quality of the squad - and the fact he has been let down by some of those players - results ultimately cost Hodgson his job.
"No one who cares for this great club has been happy with the way this season has unfolded and we have examined options and considered at length what is best for us going forward," said chairman Tom Werner.
"Kenny will bring considerable experience to the position and provide management and leadership for the rest of the season."
