Watford have announced the appointment of former Atletico Madrid boss Quique Sanchez Flores as their new head coach.
The Hornets had been in talks to extend the contract of Slavisa Jokanovic, who had guided the club back up into the Barclays Premier League.
However, after those negotiations broke down over the salary demands of the Serbian, Watford moved to secure the serviced of Sanchez Flores - confirming the appointment in a club statement on Friday afternoon.
Sanchez Flores will bring an impressive CV to England, the 50-year-old former Spain international defender having guided Atletico to the Europa League title in 2010, beating Fulham in the final, as well as coaching in Portugal at Benfica and more recently with Al Ain in the United Arab Emirates and La Liga outfit Getafe.
As part of the new coaching set-up, Dean Austin will remain on the staff, having returned to the club in January as part of Jokanovic's backroom team, while Sanchez Flores is to be assisted by Alberto Diaz and Antonio Carlavilla.
Jokanovic, the former Chelsea defender, had been appointed as Watford's fourth coach of the season in October, and would go on to guide the club back into the Premier League as runners-up to Bournemouth.
Watford, though, were unable to reach an agreement over terms of a new deal, which would not only have broken the pay structure of the Vicarage Road club, but also pushed the Hornets out of line with the basic earnings of other more experienced managers in the top flight.
The Hertfordshire club have already made moves to strengthen the squad, with the free transfer signing of Austrian defender Sebastian Prodl and Lithuanian goalkeeper Giedrius Arlauskis.
Watford put on record the club's appreciation for the outgoing management team.
A statement read: "Watford FC would like to take this opportunity to thank former head coach Slavisa Jokanovic, along with assistants Ruben Martinez and Javier Pereira, for an outstanding contribution to the success of the club. The Hornets wish all three men well for their future careers."
Jokanovic also sent a message to Watford following confirmation of his departure.
He wrote on Twitter: "Thank you to Watford FC fans, players and staff for their support during this season. I'm proud to have had the chance to help put this club back where they truly deserve to be. I wish you all the best in the future."