Until the beginning of this week, former Arsenal midfielder Mikel Arteta - now an assistant manager at English Premier League champions Manchester City - was widely regarded as favorite for the job.
Arsenal's new manager isn't coming in to mess around - Unai Emery's sights are set firmly on the top of English and European football.
Arsenal had already appointed Raul Sanllehi as head of football relations and Sven Mislintat as head of recruitment over the past year.
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I have met Stan and Josh Kroenke and it's clear they have great ambitions for the club and are committed to bringing future success.
"I am thrilled to be joining one of the great clubs in the game", said the new Spanish boss.
"He joins the club after completing a two-year spell at Paris Saint-Germain, where he recently landed the treble of Ligue 1, Coupe de France and the Coupe de la Ligue".
PSG President Al-Khelaifi described Emery's decision not to renew his contract as a "huge disappointment for Paris, for the club, for the players and for the fans".
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The club will be desperate to re-establish themselves among the Premier League elite.
"His hard work and passionate approach and his sense of value on and off the pitch make him the ideal person to take us forward", Gazidis said. We had a meeting on Monday.
Gazidis said Emery was one of eight candidates who went through an extensive interview process. "All were interested in the position and we were unanimous in our choice of Unai to drive the next chapter of our history".
He also previously coached at Spartak Moscow, lasting 26 games in the 2012-13 season before being sacked, and before that spent four years leading Valencia in his first top-flight appointment. It was thought that former Gunners player Mikel Arteta was the front-runner for the role, until Emery expressed his interest in the jog a few days ago.
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Defeat to Atletico Madrid in the Europa League semi-finals earlier this month meant Arsenal missed out on Champions League qualification for a second consecutive season.