Watford confirm appointment of Roy Hodgson as their new manager - with 74-year-old set for a SEVEN-FIGURE bonus if the relegation-threatened Hornets avoid the drop this season

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Roy Hodgson was confirmed as Watford's new manager on Tuesday night, agreeing to take charge of the relegation-threatened club until the end of the season.

Sportsmail understands the 74-year-old will land a seven-figure bonus, on top of what is described as a 'modest' salary, if he can lead the club to Premier League safety.

Hodgson entered Watford's London Colney base on Tuesday morning, in time for the arrival of staff at 11am, to complete the formalities of a six-month contract. His appointment was announced officially at 7pm.

Roy Hodgson has been confirmed as Watford's new manager after replacing Claudio Ranieri

Hodgson will earn a seven-figure bonus if the Hornets, who sit 19th, avoid relegation this term

He will be given the task of keeping Watford up with the club currently in the relegation zone

Neither the club nor Hodgson are ruling out extending their agreement into next season but that is a decision which will be made in the summer.

Watford's players, who are said to be 'buzzing' at Hodgson's appointment, started arriving during the early afternoon for a scheduled 2pm training session, which their new manager is understood to have watched.

A Watford statement read: 'Watford FC is delighted to confirm the appointment of Roy Hodgson as the club’s manager.

'The ex-England national team boss is joined by his trusted assistant Ray Lewington, who managed the Hornets so admirably from 2002 until 2005.

Ranieri left the club after taking just seven points during his short time in charge of the club

'Hodgson and Lewington begin preparations immediately for Watford’s next Premier League fixture; away to Burnley on Saturday February 5.

'Welcome to Watford, Roy. And welcome back, Ray!'

Hodgson replaces Claudio Ranieri, who was sacked on Monday after a dismal run capped by a 3-0 home defeat by relegation rivals Norwich.

Upon his departure, the Italian said on Monday: 'Good luck to everybody, Watford, the fans, the board — that's football but I believe with these new players Watford can be safe.

'A fantastic manager is arriving. I wish them all the best.'