Parkinson, 48, has signed a two-year contract and will be joined at the Macron Stadium by assistant manager Steve Parkin.
Bolton had been searching for a new manager since March after Neil Lennon left the club by mutual consent, five days after Dean Holdsworth's Sport Shield consortium had completed its takeover.
"Bolton Wanderers Football Club are delighted to announce Phil Parkinson as the club's new first team manager," read a statement on the club's official website
Source : PA
Source: PA