Meanwhile, the club's caretaker boss Michael Appleton is expected to become Puel's No.2 at the King Power.
Leicester City have named Claude Puel as their new manager little over a week after Craig Shakespeare was dismissed from the post for the team's poor league form.
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Puel's first game in charge of the 2015/16 Premier League champions will come this Sunday as the Foxes host Everton.
The Leicester squad would find Puel a different character to Shakespeare, with whom many players formed a warm relationship during his many years as an assistant before his promotion in the wake of Claudio Ranieiri's shock sacking in February.
"He quickly emerged as the outstanding candidate and I am delighted we will have the opportunity to reinforce our long-term vision, aided significantly by his expertise".
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Leicester are in 14th place in the top flight, having taken nine points from their nine league games so far.
As a tough-tackling midfielder, Puel spent 17 years at Monaco before starting his management career there and winning the French title in his first season as coach. But he is perhaps reputed more as a builder of medium-sized clubs and a cultivator of young talents thanks to the six-year spell in charge of Lille, who regularly qualified for Europe by finishing above clubs with more resources.
Despite Puel's appointment receiving mixed reviews, Taggart has been impressed by Puel's previous record with Southampton and Lyon and is confident the Frenchman's wealth of experience can help Leicester improve.
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"When we began the process of identifying a new manager, the Board quickly established the profile of candidate we needed to take the Club forward and Claude Puel was a flawless fit", the Vice-chairman said.