But the former Rangers striker assured fans he would not suffer stage fright when he becomes the club's 13th manager.

McCoist, the club's record goalscorer, has been handed a one-year rolling contract, which will start when Smith steps down at the end of the season.

But his excitement was tempered with the responsibility he feels towards the club he supported as a boy and has now served for almost 20 years as player and assistant manager.

Rangers chief executive Martin Bain, who offered the job to McCoist in December when the pair were in Turkey on Champions League duty, described Smith as the club's most successful manager of all time as the club announced the appointment today.

Smith has won 19 trophies and reached a European final in two spells as Rangers manager but McCoist, as player and coach, has been with him all the way, winning six as assistant boss including four cup competitions in which he has enjoyed a more hands-on role.

McCoist, who will be assisted by Kenny McDowall and first-team coach Ian Durrant, said: "What Walter has done is incredible.

"Following him is like taking the microphone from Frank Sinatra. It's a very difficult act to follow.

"But it's not something I'm scared of, anything but.

"I am confident enough I can continue the great tradition.

"I'm well aware of what this club means to people."

Speaking in the Blue Room in the grand Main Stand at Ibrox, McCoist added: "Sitting in that room next door, seeing the pictures of the previous managers on the wall, you don't want to let them down."

Smith has clearly regarded McCoist as a potential successor from the early stages of their partnership at Ibrox, perhaps from the moment the pair left their Scotland roles to return to Ibrox in January 2007.

But McCoist could not remember when it became apparent that he was in line for the role.

"It's just something that lately came up," he said. "When he (Walter) asked me to assist him as Rangers manager, it was never, in my opinion, with a view to taking over.

"Maybe with doing the job he saw something that he could put forward to the board and Martin hopefully saw something.

"There was nothing in the back of my mind that I was the obvious candidate to be Rangers manager."

However, McCoist admitted he had appreciated his privilege in learning from Smith since his mentor appointed him and the late Celtic manager Tommy Burns as his Scotland assistants.

"I would have been a fool not to have sat there and taken notice of him," McCoist said.

"I remember having a conversation with Tommy in the international set-up and Tommy mentioned I was in a very fortunate position.

"He told me, not that I wasn't doing it anyway, that I should be sitting down and writing notes and watching and learning.

"I'm sure Tommy would be equally delighted for myself today."

McCoist feels the biggest lesson he has learned from Smith is his approach to others.

"He does his best to handle everybody well, whether it's players, press, fans," McCoist said.

"He has a great humility and, I know I'm a bit biased, but I think he's a wonderful man.

"He has obviously been very successful but for me the way he has gone about his job and handled everything has been absolutely fantastic."

McCoist, who scored 355 goals in 581 appearances for the club, added: "Our personalities are different, you have different views in terms of team selection and tactics.

"But, I'll tell you hand on heart, if I'm half as successful as Walter Smith was, then I will be genuinely thrilled."