"Inter Milan is pleased to welcome Cristian Chivu as the new head coach of the first team. The coach has signed a contract with Inter until 30 June 2027," Inter said in a statement.

Still reeling from humiliation at the hands of Paris Saint-Germain in the Champions League final, Inter have gambled on novice Chivu after failing to get Cesc Fabregas from Como.

Chivu has reportedly agreed a two-year contract with Inter worth 2.5 million euros ($2.85 million) a season, taking charge of one of Europe's biggest clubs only a few months after beginning his senior coaching career with Parma.

Parma confirmed Chivu's departure earlier on Monday, setting up his arrival at Inter where he won three Serie A titles and the 2010 Champions League as a player.

The 44-year-old replaced Fabio Pechia in February and guided Parma to Serie A safety in his first job in football of any form since leaving Inter's youth set-up last summer.

"I thank the club, staff, players and fans for having believed in me and our project," said Chivu on Instagram.

"Together we overcame obstacles and wrote a page (in Parma's history) which will remain in my heart."

Chivu's first match in charge of Inter will be against Monterrey in the Club World Cup next week, in the Rose Bowl in Pasadena, California.

He will lead a group of players who looked dead on their feet during their 5-0 hammering against PSG in the Champions League final late last month.

Inzaghi left Inter in the wake of the Italians' thumping in Munich, taking the job at Saudi Pro League club Al Hilal who are also taking part in the Club World Cup.