The 41 year-old former England and Liverpool star had been widely touted to land the job after The Evening Telegraph revealed his interest three weeks ago.

Wright replaces Barry Fry, who now moves upstairs to become the club's first Director of Football. Fry insisted the new man had come through a rigorous interview process.

Fry said: "Mark was a unanimous choice by the board of directors as he came across as exactly the sort of manager we all wanted.

"He's young, hungry and his record in management is already very good. I expect him to follow the likes of Martin O'Neill and Brian Little and turn an excellent non-league record into a successful Football League one.

"He took Southport into fourth place in the Conference at a time when Yeovil and Rushden had full-time squads, and he won the same division with Chester City.

"Unfortunately Mark was denied the opportunity to prove himself in League Two, but he's explained what went on to me and I don't anticipate any problems with him.

Mark Wright and Barry Fry shake on it.

"Mark will be allowed to bring in his own management team and he will also be allowed to sign new players as long as he sticks within his budget.

"It's an exciting new era for the club and we should be pleased that a man with a great playing pedigree is now associated with Peterborough United."

Fry added: "We had some excellent other candidates for the job, but Mark was oustanding because he is desperate to be as successful as a manager as he was as a player."

Wright beat off the challenge of former Liverpool team-mate Ian Rush to land the job. Steve Claridge and Jimmy Quinn were other unsuccessful interviewees.

Fry's club record nine-year stint as Posh manager ended in a second relegation to League Two.