Phillip Cocu has signed a four-year contract to replace Dick Advocaat as coach at PSV Eindhoven, the club confirmed on Monday.

Cocu told a news conference he was ‘extremely keen’ to get started. The new coach’s plans include major investment in the club’s youth – including bringing in former players Ruud van Nistelrooij and Andre Ooijer.

PSV chairman Tiny Sanders said Cocu would be given room to prepare a new team and that qualification for the Champions League would be ‘a bonus but not a main target’.

‘We are going to invest in youth, get former players involved and develop a recognisable style,’ Sanders said.

Part of this involves a cut in players’ salaries, Sanders said. In addition, Mark van Bommel, who announced his professional retirement on Sunday, will join the technical staff.