O'Neil was sacked seven months after he was made the club's permanent boss and helped them to Premier League safety.

"We're so excited to welcome Andoni to the club," said chairman Bill Foley.

Iraola spent three years at Rayo Vallecano, guiding them to 11th in the Spanish top flight last season.

In his first season in charge, he earned promotion with the Madrid club from Segunda Division, before guiding them to the Copa Del Rey semi-finals in the 2021-22 campaign.

Foley added: "With his contract in Spain coming to an end this summer we wanted to act quickly.

"He was highly sought after by other clubs across the continent, and his style of play has been an important factor in making this decision. His achievements in Spain have certainly been very impressive and we're confident that he is the right man to lead our next chapter."

Iraola started his managerial career in 2018 in Cyprus with AEK Larnaca, before returning to Spain the following year to manager Mirandes for one season.

As a player, former right-back Iraola made more than 500 appearances for Athletic Bilbao and won seven international caps for Spain. He also played for New York City in in Major League Soccer.

Iraola will join up with the Bournemouth squad at the start of pre-season in July.

Foley, also Bournemouth's owner, added: "We have identified a number of targets in the transfer market, which along with our January additions will supplement our strong playing squad to give Andoni the best chance to consolidate our Premier League status and keep progressing."