Dean Saunders was sacked last month in the wake of relegation from the Championship and Wolves have appointed Jackett to reverse the club's fortunes after back-to-back demotions in the last two seasons.
Jackett, who left Millwall last month following five-and-a-half years in charge, is relishing the opportunity of taking over at Wolves.
"I am very proud to be head of coach of Wolves, it is a fantastic club and has huge potential," Jackett told Sky Sports News.
"We all understand and have seen the troubles it has had in recent seasons, but on a personal level I am proud to be here.
"Obviously, football management is a precarious business, that is not just at Wolverhampton but all over the board.
"I think it is a fantastic challenge for me, I am excited and it is a great club with a fantastic tradition - the supporters here won't know a lot about me but it is up to me to prove myself to them. It is a challenge I am looking forward to and rolling my sleeves up.
"It is a massive club and with that goes expectation, but I am ready for it and looking forward to it - my track record is good and I have left every club in a better state than I found it.
"I have been successful in League One and have good experience in the Championship and have been in the Premier League so my experience is across the board.
"Our work starts now for what is a very important season."
Jackett believes he has a good squad of players to work with at Molineux and is keen to mix youth with experience as he plots an immediate return to the Championship.
"In terms of the financial position of the club it has been well-documented and there are some good young players and the squad here is a good one and a capable one, and it needs pointing in the right direction and I have my chance to put my own stamp and style on the club," added Jackett.
"There is a good under-pinning here and a lot for me to base on as a head coach."
"Every season is different, new teams and new players develop and I will be basing it on the young players and I have a belief in them as I think I know the squad, but there will be a place for experience in what is a tough division.
"But I have a good idea of what I want and the most important thing is that I provide a good, vibrant young Wolves side and hit the ground running with no hangover from last season whatsoever."