Alastair Clarkson says his decision to coach North Melbourne was made at 7.30pm on Thursday night with his family.
Clarkson, who won four premierships at the Hawks, had been linked to GWS, Essendon and North Melbourne.
He played 93 games for the Kangaroos between 1987 and 1995, and coached Hawthorn in 390 matches with 228 victories.
"When it comes time to make decisions as pivotal as this one, you think back to moments in my life where you needed support and this club gave it to me," he said.
"Perhaps the shoe is on the other foot right now where this club needs some support and some help and that was pivotal in us making the decision to come back and help the club, help get itself back on track again."
Clarkson said he had been on a journey in the last four weeks with discussions between GWS, North Melbourne and then with Essendon in the last few days.
"All of these clubs are in these positions for a reason, every club goes through it at some point in time in their history, it just happens these clubs are battling with on-field performances and change happens with every club."
"But, as we've seen with Carlton and Collingwood, it doesn't take much to turn it around. The right people, the right vision, all people march to the same tune and you can pick things up."
Clarkson said he was not in a position to properly consider an offer from Essendon because it came so late.
Kangaroos president Sonja Hood revealed Clarkson's decision on Friday morning.
"I’m delighted to announce that last night Alastair Clarkson agreed to coach the North Melbourne Football Club for the next five seasons," the statement said.
"[The] four-time premiership coach will lead our talented, young group from 2023 until at least 2027.
"This is a real watershed moment for our club, and I am writing to share it with members first — we'll talk to media later today, but for now, this is a moment for all of us.
"I can't speak highly enough of the professionalism of Alastair and his manager, James Henderson, over this past four weeks.
"We've had a crash course in getting to know each other and Alastair's passion to drive our club back to where we belong is incredibly infectious.
"Alastair officially begins with us on November 1, and I'm looking forward to welcoming him, wife Caryn and children Stephanie, Matthew and Georgia, to the Shinboner family."
The club announced the decision via social media with a post simply showing the number 781, with Clarkson the 781st player to pull on the North Melbourne jumper when he debuted in 1987.
Clarkson kicked three goals in that game against Melbourne, including the match-winner after the siren.
'The sky's the limit'
The last coach to guide North Melbourne to premiership success, Denis Pagan, praised the club's recruitment of Clarkson.
Pagan coached the Kangaroos to flags in 1996 and 1999.
Clarkson was at the Kangaroos as a player during the early years of Pagan's reign, before leaving the club at the end of the 1995 season.
Pagan described Clarkson's appointment as "something special".
"I just think it is a great day for North Melbourne," he told the ABC.
"There will be a lot of old North Melbourne supporters, a lot of old Shinboners who will be thrilled.
"We haven't been able to land a big fish for a long while and … it's just brought enormous credibility and positivity to the club.
"We're a destination club now and … to get the best coach in the modern age, I think is an outstanding achievement."
The Kangaroos are in bottom place on the ladder heading into the final round of the home-and-away season, having won only two matches.
They claimed the wooden spoon in 2021.
Pagan said Clarkson faced a significant challenge to turn around the club's on-field performance.
However, he said "it might not take long" if Clarkson could make an impact in the trade period and draft, in addition to keeping some of the club's younger players.
"The sky is the limit with North Melbourne and Alistair … it's just exciting times ahead," he said.
"I just can't wait to see it all unfold."
