The former Bayern Munich manager joined Fulham on an 18-month contract after the club stunned the football world when they sensationally sacked Rene Meulensteen after just 75 days in charge.
Fulham's decision to part ways with Meulensteen on Friday came after the club's heartbreaking 3-2 defeat to Premier League contenders Liverpool midweek - a result that saw the London outfit fall four points adrift of safety with 12 games remaining.
Magath, who is the first German to coach in England's top flight, is looking forward to a return to the managerial hot seat following his stint at Wolfsburg in 2012.
"There we go again, I return to football. As of now I am manager of the FC Fulham and will work in the Premier League," Magath said on his Facebook page.
"It's a fantastic working environment for every coach and footballer. This traditional and great club and its owner Shahid Khan have completely convinced me and gave me the responsibility. I thank the club and the owner for that trust.
"I am excited for London and its people, of course, especially for the fans and staff at Fulham FC and especially on my coaching staff and the team."
Magath will need to hit the ground running with his beleaguered squad set to host high-flying Chelsea at Craven Cottage when the Premier League resumes next week.
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