Within hours of Sir Alex Ferguson's announcement that he is retiring as Manchester United's manager, news came out about who will replace him.

The Times of London reports that Everton manager David Moyes, a fellow Scotland native, will succeed Ferguson as head of the 20-time English champions. Moyes, 50, will be out of contract at Everton after the Premier League season ends on May 19.

Despite significant financial restraints - which won't be a problem at United - Moyes has built Everton into one of England's most consistently successful teams. Though the Toffees have never won a trophy, they have often finished in the top third of the Premier League during Moyes' 11-year tenure. This season, they're in sixth place with two games to go - one spot ahead of city rival Liverpool.

Moyes' best finish in the Premier League was fourth place in the 2004-05 season. That got Everton into the Champions League qualifying rounds, though they failed to reach the group stage.

Prior to coaching Everton, Moyes spent four years in charge of Preston North End. He has never won a trophy at either club. Nonetheless, it's widely expected that Moyes' strong coaching acumen will make him well-receieved at one of the world's richest and most powerful soccer teams.