After weeks of speculation, PSG announced Friday that it has secured the managerial services of Carlo Ancelotti as it continues its quest to become a European soccer powerhouse.

With Qatari backing in place and approximately $116 million spent on new players, the Paris club set its sights on recruiting a new manager with proven pedigree.

Ancelotti brings a wealth of coaching experience to PSG with previous stints at Chelsea, AC Milan, and Juventus, and fills the void after his predecessor, Antoine Kombouare, left the post earlier Friday despite the club's position at the top of Ligue 1.

"I am delighted to be here as coach of Paris Saint-Germain," Ancelotti said at a news conference Friday. "I think PSG is a fantastic club. I think I can do a great job to help PSG become a big club in Europe."

Ancelotti was most recently sacked as Chelsea boss after failing to secure silverware in his second season with the club.

"The English experience helped me a lot, it was a fantastic experience, but there is a great challenge here with PSG," Ancelotti said. "The club has everything to succeed and enormous ambition."

The appointment of Ancelotti could also be followed by the arrival of a few big-name players, with David Beckham and Alexandre Pato mentioned as possible targets for PSG.

But Ancelotti has quelled those rumors for now, stating that the first-place club is in no need of an immediate overhaul.

"I don't know if it's a good idea to name names right now as these are players who have a certain status in their clubs," Ancelotti said. "I didn't come here to completely shake up the team. It's in first place."