Fulham relieved manager Slavis Jokanovic and replaced him with Claudio Ranieri, who led the Leicester Prize League title in 2016.
Jokanovič spends his way with Cottagers, who is at the bottom of the Premier League table, with five points out of 12 games.
Italian Ranieri, 67 years old, has been awarded "multi-year contract" in London.
"Making an amendment without the right answer or the continuity plan was not an option," said Fulham President Shahid Khan.
"So if any of Claudio's caliber were ready to accept our challenge, it was encouraging, but above all it's essential.
"Claudio is risk free and ready for the Premier League, and especially for what we need at Fulham at this time.
"His recent job with the city of Leicester is literally a legendary one, and then you look at Claudio's experience with Chelsea and big clubs all over Europe, and it's quite clear that we are hosting the extraordinary football of the Fulham Football Club."
Kan said he and his son, Tony Khan, deputy club chairman and director of football affairs, talked with several potential candidates last week.
"It is an honor to accept the invitation of Kana's master and the opportunity to lead Fulham, a fantastic club with traditions and history," said Ranieri, who spent last season with the French club Nantes.
"Fulham's goal should never be to survive in the Premier League. We must always have difficult opponents and they should expect success.
"This Fulham team is an extraordinary talent that contradicts its position in the table."
Ranieri's first match will see Fulham host Sautampton at Craven Cottage on Saturday, November 24th.
"I know this team is very capable of improving the performance we will work right when we prepare Southampton at the Cottage," he added.
Yokhanovich throws "the right decision"
Jokanovich, who joined the club in December 2015, led the Fulham on a selective basis last season.
But they have so far only registered one victory after returning to the Premier League after four seasons in the championship.
"I do not anticipate that this statement is related to Slavis, and I want the circumstances to be such that I did not, but our path this year has led me to make the right decision at the right time, to our players, the club and our supporters , "added Khan.
"Slavia will always be grateful and respectful of everything he did to return to Fulham with top-flight football.
"I hope that every Fulham family member will share his heartfelt bad experiences about Slavis and join me, wishing him success and success, wherever his next stop could be."