Sam Allardyce will remain West Ham United manager next season after presenting his vision for the 2014/15 season to the board.
The Hammers boss attended a meeting with the club's owners last week at which it was decided a decision would be put on hold for the time being.
It has this afternoon been revealed Allardyce will remain at the helm at Upton Park next season following constructive talks between the two parties.
West Ham have revealed Allardyce will be expected to deliver a top-ten finish next term and he will appoint a new attack coach to help improve the team's style of play.
On top of that, the Dudley-born boss has agreed to an overhaul of the club's scouting setup, with the board taking a more active role in the process of recruiting new players.
A statement from co-chairmen David Gold and David Sullivan on the club’s website read: "We have a very clear vision of how we want West Ham United to operate under our joint ownership. Although not everybody understands the West Ham Way, we do and we respect it as we have been supporters all our lives. We believe this is about a philosophy that is not just about the style of play, but the whole ethos that surrounds the club.
"Sam was asked to give us a detailed presentation on his vision for next season and during this he assured us that he can deliver that ethos to West Ham United and we have agreed to support him with the resources that he needs. We have mapped out a way forward with him that will ensure our much-deserving fans have more to cheer about next season.”
Allardyce added: “I look forward to taking the club forward and improving the squad for next season to try and achieve the plans we have set out in our very productive meeting last week."
Gold and Sullivan did highlight the good work Allardyce had done at the club, though: "We should also stress, though, that while improvements do need to be made, Sam deserves credit for the job he has done thus far after securing promotion in his first year and two respectable Premier League finishes in the two years thereafter.
“We have also seen the likes of Mark Noble, James Tomkins and Winston Reid all make huge progress under his management, which in turn contributed to our impressive record of 14 clean sheets last season,” they added.
The Hammers finished 13th in the Premier League this season - three places lower than the season before.
A horrendous run of form between October and February saw the Hammers win just two Premier League games and slip perilously close to the relegation zone.
Four consecutive victories in February saw the Irons survive but the season still ended in disappointment as only nine points were collected from the next 11 games, with the other eight fixtures all ending in defeat.
Supporters have voiced their discontent at Allardyce’s brand of football and the results which have followed, with 77.95 per cent of almost 13,000 fans voting in favor of the 59-year-old being sacked earlier this year.
Allardyce will now be backed with a £20m summer transfer kitty as he seeks to bolster a squad which has already seen significant investment since returning to the top-flight in 2012.
It is also understood the former Blackburn, Newcastle and Bolton boss has been told he must make use of the club’s famed academy by bringing young players into the first team next year.
Only four players who made a league appearance for the Hammers last term - James Tomkins, Mark Noble, Joe Cole and Elliott Lee - came through the club’s academy setup.