Designer John Galliano has been named the new creative director of French fashion label Maison Martin Margiela.

Renzo Rosso, president of OTB Group -- the company which acquired Maison Martin Margiela in 2002, confirmed the rumours, reports contactmusic.com.

"Margiela is ready for a new charismatic creative soul. John Galliano is one of the greatest, undisputed talents of all time -- a unique, exceptional couturier for a maison that always challenged and innovated the world of fashion," said Rosso.

"I look forward to his return to create that fashion dream that only he can create, and wish him to here find his new home," added Rosso.

Margiela, 53, was fired from Dior in 2011 for making racist slurs outside a Parisian cafe.

It was reported last week that Galliano had already entered into talks with Margiela to design a couture line for the brand.