On Thursday afternoon, the Blues confirmed that the 47-year-old had been appointed as Thomas Tuchel's successor following the German's sacking on the previous day.
Despite links with the likes of Ruben Amorim, Zinedine Zidane and Mauricio Pochettino, Chelsea moved quickly to poach Potter from Brighton & Hove Albion.
The former Swansea City and Ostersunds manager has been handed a five-year contract by the powers-that-be, but he has inherited a sticky situation at Chelsea.
Tuchel was relieved of his duties less than 24 hours after the Blues lost their Champions League opener 1-0 to Dinamo Zagreb, and Chelsea have endured a difficult start to life in the Premier League as well.
A tally of 10 points from six fixtures has left Chelsea sixth in the table - three points adrift of fourth-placed Brighton and five below current league leaders Arsenal.
According to The Mirror, Potter has been tasked with trying to achieve a top-four finish with Chelsea, but the board will not sack him immediately if he fails to do so.
The report adds that a place in the Champions League is still seen as a crucial part of Chelsea's success this season, but finishing outside the top four is not a "deal-breaker" for Potter.
Owner Todd Boehly and co-owner Behdad Eghbali are said to have given Potter assurances that he will be given ample time to build a squad in his own vision, with the Blues chiefs convinced that the Englishman is the perfect long-term appointment.
Potter - who won 43, drew 43 and lost 48 of his 134 games in charge of Brighton - will enjoy a quick reunion with Marc Cucurella at Stamford Bridge and is itching to get started with the Blues squad.
"I am incredibly proud and excited to represent Chelsea FC, this fantastic football club," the 47-year-old told the official Chelsea website.
"I am very excited to partner with Chelsea's new ownership group and look forward to meeting and working with the exciting group of players and to develop a team and culture that our amazing fans can be proud of.
"I would also like to place my sincere thanks to Brighton & Hove Albion for allowing me this opportunity and in particular Tony Bloom and all the players, staff and supporters for their continued support during my time at the club."
Potter was due to take charge of Chelsea for the first time against Fulham on Saturday, but all Premier League fixtures for this weekend have been postponed following the death of Queen Elizabeth II.
Instead, the Englishman will make his managerial debut for the Blues in Wednesday's Champions League contest with Red Bull Salzburg at Stamford Bridge, which will mark his first match in the dugout in Europe's elite competition.
Potter did lead Ostersunds to the Europa League last-32 in 2017-18, but his lack of Champions League experience supposedly led to Manchester United dropping their interest in him at the end of last season.