Jackett was appointed by the Black Country club on Friday before being unveiled to the press on Monday morning - when he was jokingly referred to by chief executive Jez Moxey as Wanderers' 'Special One' on the same day as Jose Mourinho's inevitable return to Chelsea was confirmed.
Wolves' fifth different manager in the space of 16 disastrous months has immediately set his sights on promotion from npower League One at the first attempt next term, with the troubled outfit in the third tier for the first time since 1989 following back-to-back relegations.
Jackett certainly has the credentials having started Swansea's renaissance by leading them to promotion from League Two in 2005, before guiding Millwall to the Championship in 2010 and keeping them there for three seasons while also reaching an FA Cup semi-final at Wembley last term.
But the 51-year-old, who admits he did not envisage being back in management so soon having left his six-year post at Millwall four weeks ago in search of a fresh challenge, knows he will need to draw on all his experience at Wolves.
"When I went in to Swansea they were halfway down League Two and still playing at the old Vetch Field, I spent three years there and I'm proud to say, in an incredible decade, that I played my part in the development of that club," said Jackett. "And again, like at Millwall, felt that I left it in a better place than when I found it.
"This is the biggest challenge, there is no doubt about that. The size of this club, I feel the potential it has knows no bounds if we can get it going positively. They've obviously had troubles in recent seasons and for all of us there's a lot to sort out but it's a challenge I'm relishing.
"In terms of the size of the club, on a personal level it's a fantastic opportunity for me, the biggest one I've received and I'm looking forward to that."
Jackett, who has been appointed on a 12-month rolling contract and arrives without his own backroom staff, added: "There'll be 46 cup finals next season, Wolves in this division will be a real big game for everybody. Having said that, we should embrace that, it's something we shouldn't be frightened of.
"There is no doubt about it - our aim and our approach this year is to get promotion. Is that going to be easy? No. Does there need to be some adjustment? Of course."