Munster have confirmed the appointment of Anthony Foley as their next head coach.

The province have announced that Foley will be promoted from forwards coach to head coach this summer when Rob Penney moves to Japan.

Munster chief executive Garrett Fitzgerald described him as "the stand-out candidate" to succeed Penney.

The 40-year-old, who was favourite to replace Penney, has agreed a two-year contract that will keep him at Munster until at least June 2016. He also has the option for a third year.

Anthony Foley today confirmed as the next Munster Rugby Head Coach, starting July 1st on a 2 year contract. #SUAF

— Munster Rugby (@Munsterrugby) February 19, 2014

The former Munster and Ireland number 8 has described the job as a "huge honour and privilege".

Image: Forwards coach Anthony Foley at the announcement that he will become new Munster head coach as of July ©INPHO/Ryan Byrne