Magath today signed a two-year contract with the Wolves only 48 hours after resigning as coach of Schalke, having been given a vote of no confidence by their board and after learning of the interest from his former club.

"I agreed immediately," Magath said. "When I left Wolfsburg after the amazing success, there was a lot of sadness.

"I was always happy here. Of course the contact from Wolfsburg a few days ago came as a surprise, but I did not have to consider it for a second.

"Everything then went very quickly."

Magath inherits a side which has lost four of its last five games under Pierre Littbarski, who will still remain with the club, although managing director Dieter Hoeness has been relieved of his duties with Magath also taking over his position.

Hoeness had hired and fired former coach Steve McClaren in the summer and he has now paid for the club's slide into the bottom two.

"We had several open and constructive discussions to analyse the situation, but we had different opinions," said Wolfsburg chairman Dr Garcia Sanz.

"We therefore decided to part company mutually. We would like to thank Dieter Hoeness for the work he has done."

Sanz explained how the idea of recalling Magath came about after he walked away from the club to take over in Gelsenkirchen two years ago having led Wolfsburg to the title.

"We made contact with Felix Magath on Tuesday evening and then everything went quite quickly," Sanz said.

"Stories like this can only be written in football."

Magath is now looking to pen the next successful chapter in the club's history, even though his immediate priority is to save the club from the threat of relegation to the second division.

"For me, the issue is not where we will end this season but where we will be in two years' time," said Magath.

"I would like to do as well as I can with Wolfsburg and I expect to be here beyond 2013.

"Wolfsburg are a club with a future and I hope we can soon aim for success again."

Magath got straight down to work preparing for Sunday's trip to Stuttgart, another of his former clubs whom he wants to beat.

"I know it is not going to be easy, but we want to get something from Stuttgart," he said.

"Stuttgart have had a lot of luck in recent weeks and they have benefited a lot from refereeing decisions and that has now got to stop.

"Even if Stuttgart are on the rise, I am optimistic we can get something there."