Duncan Ferguson hailed Carlo Ancelotti's appointment as an "incredible statement" and said he and the Everton players are in awe of the Italian.
The former Chelsea, Real Madrid, Juventus, AC Milan, Paris St Germain and Bayern Munich boss has taken the reins at Goodison Park with Everton languishing towards the bottom of the Premier League table.
Saturday's goalless draw with Arsenal marked the end of Ferguson's four-match spell as caretaker manager, and Ancelotti has already confirmed that the Scot will be kept on as part of his backroom staff.
Ferguson said: "Everyone knows he's a winner. He's got so many medals hasn't he? We're in awe of him really. We'll go Monday and we'll go with everything we've got.
"It's an incredible appointment. One of the biggest names in football ever is at our football club. It's an incredible statement, fantastic, and it just shows you how ambitious we are. We all dream, don't we?"
Playmaker Gylfi Sigurdsson hailed the appointment and believes it is down to the squad to try to ensure Ancelotti's reputation for success continues.
"I'm delighted," said the Icelander. "He's obviously a fantastic manager with a lot of experience and a lot of success, so he definitely knows what he's doing. Not just myself but all the boys and the fans are delighted with him joining the club.
"After your career, to be able to say you worked with someone like him, that's obviously fantastic. But we want to make sure that we're here together and that we do well. He's done amazing things in his career and he will want to continue that.
"It's down to us to keep him in the job for a long time because he's definitely got the quality and the experience."
It is certainly a coup on paper for a club in Everton's position to attract a manager with Ancelotti's CV, and Sigurdsson praised majority shareholder Farhad Moshiri and chairman Bill Kenwright for persuading the Italian to sign.
"They love this club and they are always looking to improve the club and the team, so great credit to them to get him in and bring in someone of his stature," added Sigurdsson.
The Icelander also reserved praise for the impact made by Ferguson, who inspired his squad to victory over Chelsea and draws with Manchester United and Arsenal as well as a Carabao Cup comeback against Leicester that ultimately ended in penalty shoot-out heartbreak.
"He's been fantastic, so have the other staff who have come in with him," said Sigurdsson.
"I can only speak for myself, but I really enjoyed working with him. To have someone with as much passion and love for the club as he has, it's easy to get excited and play well for him.
"I think all the boys are thankful to him for coming in at a difficult time and doing so well."
Ferguson has made no secret of his desire to be the permanent manager in the future, and Sigurdsson believes he would be a success.
"I'm sure he would want to be a full-time manager and coach, he's definitely got the quality," added the 30-year-old.
"He's learnt a lot from different managers over the last few years. I think he will definitely be a good manager."
