The former Chelsea boss was appointed to replace Rafael Benitez in January 2022 but leaves with the side 19th in the table, level on points with bottom club Southampton.
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Lampard, who arrived at their Finch Farm training base in the morning, has signed a two-and-a-half year contract at Goodison Park.
Ferguson oversaw training on Tuesday, with the club looking for a successor to Benitez after sacking the Spaniard on Sunday.
While Spurs enter the game on the back of a 3-2 Europa Conference League win over Vitesse, the Toffees are seeking to end a run of three straight Premier League defeats.
The Toffees marched to a 3-1 success against Burnley in their most recent encounter, while Dean Smith’s side fell victim to a Romelu Lukaku-inspired Chelsea in a 3-0 defeat.
The Spaniard, famous for a rather more high-profile comeback with the red half of the city in 2005, has plenty of work to convince the doubters he can ever be accepted at Goodison Park, but this was as good an opening as he could have wished for.
The 61-year-old Spaniard has signed a three-year deal and succeeds Carlo Ancelotti, who resigned in early June to return to Real Madrid.
Rafael Benitez and Chris Hughton, two respected coaches known for fashioning more than the sum of the parts from their squads, swiftly departed, with surprise replacements Graham Potter and Steve Bruce – two managers some would argue representing contrasting philosophies – subsequently installed.
It was announced on Monday afternoon that Rafael Benitez will officially leave his role at St. James’ Park on Sunday when his contract expires
The Spaniard had been in talks with the Premier League side over a new deal for a number of months
This is the fourth time that the sides have met on the opening weekend of a Premier League season, making it the most contested of any curtain-raising fixture
A first victory in four for the Toffees lifts them above Leicester City and into eighth, four points ahead of Newcastle who had climbed to 10th with four straight wins.
The Magpies have lost just once since January to climb into the top half of the table, 10 points clear of the relegation zone and just two short of the magic 40 mark
Rafael Benitez’s side start the weekend in 16th, just one place and a single point above their opponents, and know that victory could prove invaluable to their cause
Jordan Ayew had headed the visitors into the lead on the hour mark, but Joselu equalised within three minutes of his introduction to salvage the Magpies a point.
Rafa Benitez’s side have lost five of their last six Premier League fixtures at St James’ Park, but do come into the game on the back of two wins against Stoke City and Luton Town in the FA Cup third-round last weekend
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Moses completed 90 minutes and looked back to his best against Rafael Benitez’s Newcastle, supplying the assist for Alvaro Morata’s goal as the Blues clawed from a goal down to secure maximum points
Benitez was drafted in by owner Roman Abramovich to replace Roberto di Matteo in November 2012 after the Italian had guided the club to Champions League glory, only to falter the following season
The Red Devils sit eight points adrift of Premier League leaders Manchester City, whereas newly-promoted Newcastle have slipped into the bottom half of the table following back-to-back defeats