De Boer departed on Monday, only 77 days into a three-year contract, after Palace became the first team in England's top division to lose their opening four league fixtures without scoring since Preston 93 years ago.
A vastly experienced coach who has managed 15 clubs and four national teams (England, Finland, Switzerland, UAE), Hodgson has been out of a head coaching job since stepping down as England boss following their shock EURO 2016 exit at the hands of Iceland in June 2016.
Lewington is a familiar face in south London, having been Palace's Assistant Manager between 1994 and 2000, including two spells as caretaker manager.
"This is very much the club of my boyhood and I remember in my youth watching the club from the terraces at the Holmesdale Road end which gave me such fond memories", Hodgson, whose tenure begins against Southampton on Saturday [16 September] told the club's official website.
"It's a great opportunity to return to the game I love, at the highest level, and also at a club I always admired, liked and supported as well", said Hodgson.More news: Retail inflation in August shoots up by 3.36%, highest in five months
Another former Rangers player on the now-you-see-me-now-you-don't list is Henning Berg who was sacked by Blackburn Rovers following a 57-day interlude in 2012 when he won only one of 10 games.
Speaking to Sky Sports at the south London club's training ground, the 70-year-old said he had yet to sign a contract.
"It's a good day for me, I'm very happy and looking forward to hopefully getting down to work and trying to help us get some points in the league and climb up the table", he said. "I'm pleased that they've turned to me and allowed me to take the job on".
Roy Hodgson has been confirmed as Crystal Palace's new manager.