Melbourne assistant coach Adem Yze has been named as Richmond's newest head coach ahead of the weekend, with the Dees deputy edging out Tigers interim coach Andrew McQualter in the two-horse race.

Since hanging up the boots at the end of the 2008 season, Yze, 45, has garnered a wealth of coaching experience, working under Alastair Clarkson at Hawthorn between 2014 and 2020 before rejoining the Demons in 2021, leading the club's star-studded midfield line.

With many expecting a deal to be finalised as soon as Friday, Richmond released an official press release announcing Yze's arrival late Thursday evening.

"This has been a period of significant change for our Club, but with that comes a great sense of excitement and opportunity. We have no doubt that Adem is the right man to lead us into the future," Richmond President John O'Rourke said on Thursday.

"Adem brings an enormous breadth of experience to the Club, having played key coaching roles during highly successful periods at both the Hawthorn and Melbourne football clubs.

"He has a deep understanding of the game and what drives on-field success from a strategic and cultural perspective.

"Adem has great energy and is highly competitive, and during the appointment process, it became increasingly obvious that he was a great fit for our Club. He was the ideal candidate, and we have no doubt our playing group will thrive under his coaching."

Yze expressed his excitement at the opportunity that lies ahead.

"This is a Club steeped in history and blessed with a magnificent supporter base. I feel very humbled to have been given this opportunity," Yze said Thursday.

"I can't wait to meet the playing group and start building towards the 2024 season."

As part of Thursday night's release, O'Rourke made sure to commend McQualter, who was believed to be the only other serious candidate.

"I would particularly like to acknowledge Andrew McQualter, who is a wonderful person and coach," O'Rourke said.

"He presented well during the process and demonstrated he is a senior coach of the future.

"Andrew took the selfless decision to take on the interim role when Damien Hardwick left the Club, and he has handled himself with confidence and class. He continued to impress during the interview process, and I have no doubt he will be a future AFL coach."

Richmond CEO Brendon Gale addressed the media on Friday morning as Yze was publically unveiled as the Tigers' new coach for the first time.

"Clearly, I think there was an appetite for some change," Gale said on Friday.

"We have drifted in some respects in terms of the way we play, we can play a whole lot better. Clearly, the senior coach personifies that change and I think he's identified areas of our game plan where we can evolve and grow.

"We've got to continue to evolve. The game is moving ahead at a rate of knots and I think Adem will take this team and this group forward."

The Tigers faded late in the 2023 season after 'teasing' the ability to compete for this year's finals series, with Gale claiming Richmond looked "unrecognisable" at times.

"We were on the cusp of the eight for most of the year. We were probably teasing a little," he continued.

"I thought at times early in the year we were unrecognisable. And I think Damien (Hardwick) acknowledged that. I think Andrew (McQualter) did a wonderful job getting us back on track playing [a] sustainable brand [of] footy.

"We can play a whole lot better, and we will play a whole lot better and we won't put a ceiling on what better looks like."

Signing on the dotted line late Thursday, in doing so trading Gosch's Paddock for Punt Road, the 2002 All-Australian Yze becomes the 42nd name to coach the Tigers since Richmond joined the league in 1908.

Yze's playing career commenced in Round 13 of the 1995 season, with the Shepperton United junior playing a further 270 games in the red and the blue, slotting 234 goals across 14 seasons.

The panel that recommended Yze's hire to the Richmond board consisted of Vice-President Henriette Rothschild, General Manager of Football Performance Tim Livingstone, General Manager of Football Talent Blair Hartley, Football Australia Performance Director Paddy Steinfort, and Melbourne Storm General Manager of Football Frank Ponissi.

Yze's recommendation was unanimously accepted by the board on Thursday.

The former Demon, presented for the first time publically as Richmond's new head coach, will greet the media at Punt Road on Friday morning.