Warnock's appointment was revealed by Palace's official Twitter account:
Neil has agreed a two-year deal and will lead the team this Saturday at Newcastle United. More online shortly.— Crystal Palace FC (@CPFC) August 27, 2014
David Ornstein of BBC Sport indicates Warnock beat off considerable competition and will have money to spend:
The 65-year-old returns to Selhurst Park after originally taking the reigns between 2007-10, a tenure which ended with the London-based side being deducted 10 points after going into administration. Warnock has since taken over Queens Park Rangers and Leeds United in a managerial career that spans over 30 years.
Palace fans will hope the returning boss can steady the club's sudden regression. Tony Pulis' decision to leave shortly before the start of the current season, as reported by Ornstein, threatened to undo all of the club's progress after last season's 11th-place finish. Although Pulis' exit was by "mutual consent," many will feel aggrieved the ex-Stoke boss left after such a tremendous campaign.
Malky Mackay looked set to take over the hot seat until a flurry of allegations forced Palace to end their pursuit. The former Cardiff manager is reported to have sent "racist, homophobic and sexist" text messages and emails during his spell with the Welsh club, per Matt Lawton of the Daily Mail.
These allegations were made after the house of Iain Moody, Mackay's former head of recruitment at Cardiff, was raided "as part of Cardiff’s £750,000 investigation into eight controversial transfers," per Lawton.
Unfortunately for Palace, Moody was acting as sporting director at the club when the allegations arose. He recently resigned from his role as a result, as reported by Lawton in an alternative article.
Will Neil Warnock improve on last season's 11th-place Premier League finish with Palace?
Palace's team have suffered alongside these problems and are yet to gain a point after two Premier League matches. It's Warnock's job to quickly restore order in a side that is sure to be lacking confidence after defeats to Arsenal and West Ham United. While Palace showed determination to go ahead at the Emirates, the home loss to Sam Allardyce's Hammers is sure to have many worried.
Warnock's first game in charge is a difficult trip to Newcastle, a new-look side who will be eager to impress in front of a St. James' Park crowd. He will then lead Palace out against Burnley, a crucial fixture if the side remain winless after the international break.
A side story is developing with the realisation Warnock will now oversee Jason Puncheon, a player he endured a spat with after criticising him on talkSPORT at the beginning of the year. Puncheon skied a penalty against Spurs, only for Warnock to suggest there is "no way" he would have trusted the player to take a spot-kick.
Puncheon responded angrily, per Squawka:
Crystal Palace's Jason Puncheon will be delighted by the imminent arrival of Neil Warnock as his new manager.... pic.twitter.com/BNvSaPYNNx— Squawka Football (@Squawka) August 27, 2014
Gary Lineker also hinted the pair may need to sort out their differences:
Good luck to Crystal Palace. Good luck to Neil Warnock. Good luck to Jason Puncheon.— Gary Lineker (@GaryLineker) August 27, 2014
The new boss has just five days to shape his squad before the transfer window closes. Warnock faces the difficult challenge of utilising someone else's team without being able to influence it too readily. He will need to work resourcefully until at least January—which presents his first opportunity to significantly sculpt the side—despite having money to spend now.
Palace fans will likely be fearing a major fall now that Pulis has moved on. Warnock is a vastly experienced manager who has plenty to prove in the top flight after his recent spell with QPR, which saw him sacked after a run of eight games without a win.
He needs to ensure this doesn't happen during his second stint with Palace, especially after the side's poor start to the season. While undoubtedly a difficult job, Pulis has left Warnock a capable squad of players who have already highlighted their ability to compete with the best.