Barry Geraghty has been named as number one rider to leading owner JP McManus.
Ever since McCoy announced his intention to retire in February, Geraghty has been favourite with the bookmakers to fill the massive void left by the 20-times champion.
Geraghty has been riding principally for Nicky Henderson since 2008 and the pair have won most of the biggest races on the calendar together, including the Gold Cup with Bobs Worth in 2013.
However, Geraghty has worn the famous green and gold silks of McManus to plenty of big-race successes himself, with More Of That, Jezki and Shutthefrontdoor's wins in the World Hurdle, Champion Hurdle and Irish Grand National the three most notable.
Speculation had been rife as to who would replace McCoy, but McManus' racing manager Frank Berry confirmed at Kilbeggan on Monday evening that a deal has now been finalised.
Berry said: "It's good to have Barry on board. Initially Mr McManus didn't do a lot about it (appointing new jockey), but it's happened in the last week.
"He's ridden big winners for us and Nicky (Henderson) will still use him when available."
With Geraghty appointed as McCoy's successor, Henderson will now be on the lookout for a replacement and Betfair make Cheltenham Gold Cup-winner Nico de Boinville the market leader at 1-2.
De Boinville is already attached to the Henderson yard.
Betfair spokesman Barry Orr said: "Nico de Boinville has established himself as a strong player in the pecking order (at Seven Barrows) and with Richard Johnson, Sam Twiston-Davies and Tom Scudamore all content in their present positions, he appears to be in pole position to land the job"