This comes after the club were linked strongly to QPR assistant manager John Eustace, who reportedly turned them down. Jody Morris, Frank Lampard and Chris Wilder were also linked.
Swansea’s chief executive Julian Winter told the club’s website:
“We are delighted with the appointment of Russell as our new head coach.
“He very much fits the profile of a young and hungry coach who wants to succeed, and he is more than ready for the opportunity.
“When it became clear we would be looking for a new head coach, at the forefront of our thoughts was finding a candidate who was ambitious, driven and with a clear vision of how he wants the team to play.
“After earning plaudits with Milton Keynes Dons for the attractive, attacking style that he implemented, we quickly realised Russell would be the right person to take us forward.
“We were also seeking someone with a passion for working with and developing young players. Russell ticks all those boxes.
“While his coaching philosophy is clear, Russell also enjoyed a fine playing career that saw him amass over 500 senior appearances.”
Martin will be joined in South Wales by coaches Luke Williams, Matt Gill and Dean Thornton, while Alan Tate will continue in his capacity as the first-team coach.
They will begin to take training at Fairwood on Monday and take charge of the Swans’ Championship opener against Blackburn Rovers on the following Saturday.
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