The 45-year-old Frenchman, who captained Arsenal in the famous Invincibles season, is taking up his first managerial role in the Premier League.
He said on the club’s website: ‘I am really excited to have this opportunity to return to the Premier League, and manage this great football club, as we begin a new chapter together.’
He continued: ‘It is a project that is really appealing to me, having spoken a lot with the Chairman and Sporting Director about their ambition and plans for the whole club, including the Academy.
‘The club has fantastic foundations in place after many years in the Premier League, and I hope we can make further improvements and continue to drive the club forward.
‘I am also very excited to experience the atmosphere the club’s supporters make at Selhurst Park and away from home too, and I know just how important that can be for the team.’
Vieira’s appointment will end Palace’s search for Hodgson’s successor after he departed Selhurst Park by mutual consent at the end of last season.
The role will be the Frenchman’s first senior coaching position in England – having previously managed OGC Nice and New York City FC.
However, the former Arsenal captain does have experience managing Manchester City’s Elite Development Squad.
Chairman Steve Parish said: ‘I’m delighted and excited that Patrick has agreed to join Crystal Palace as our manager following successfully learning his trade at the City Group, and experiencing positive managerial spells at New York City and then Nice, who he led to the Europa League.
Vieira will be looking to revamp Crystal Palace’s coaching staff – with reports claiming he will bring in younger talent.
Vieira will also be looking to improve Palace’s Premier League standings after they finished 14th under Hodgson in May.
However, given the fact 11 players are set to become free agents, Vieira will need to use the summer transfer window to complete a major squad overhaul.
Nevertheless, Vieira’s priority will centre around keeping Palace in the top-flight next season.
Palace had previously been linked to Frank Lampard, Nuno Espirito Santo and then Lucien Favre. However, negotiations fell through.
