RIO DE JANEIRO - Former Brazil and Real Madrid manager Vanderlei Luxemburgo has been appointed head coach of Palmeiras for a fifth time, the Brazilian Serie A club said on Sunday.

The 67-year-old agreed to a two-year contract reportedly worth 600,000 reais (around $150,000) a month plus incentive-based bonuses.

"I've just had a meeting with Palmeiras ... Now it's official, I'm back," the veteran coach said in a social media post.

"I'm returning with the same determination and desire that has always driven me throughout my career," added Luxemburgo, who was Brazil's national team boss from 1998 to 2000 and had an 11-month spell in charge of Real Madrid in 2005.

Luxemburgo replaces Mano Menezes, who was sacked just days before the end of the 2019 domestic season after a poor run of results.

Sunday's announcement came a week after the completion of the Brazilian Serie A season, in which Palmeiras finished third, 16 points behind champions Flamengo.

Luxemburgo is the most successful manager in the history of Brazil's top flight with five Serie A titles, including back-to-back triumphs with Palmeiras in 1993 and 1994.

On Friday, Luxemburgo parted ways with Palmeiras' first division rivals Vasco da Gama after accusing the Rio de Janeiro club of failing to match his "ambition".