With de Boer taking over as manager, look for them to sign some young, high risk/high reward players in the transfer market.
And De Boer, 47, claimed he did not view the Palace job as one he could use to land a bigger role in the future.
"I am thrilled to be appointed as manager of Crystal Palace Football Club", De Boer said in a statement.
De Boer admitted he is delighted to be in the Premier League at last, 12 months after he came close to joining Everton, following productive talks with Palace chairman Steve Parish. The Dutchman enjoyed a glittering playing career with Ajax and Barcelona, winning six league titles in his career as well as the 1994-1995 UEFA Champions League.
De Boer represents a glamorous signing for the south London side.
That's something De Boer is expected to change.
"I will give youth the opportunity when they are good enough and I'm interested to see how talented the players are".
The previous season, a late slump saw Palace finish 15th in the 20-team league.
"There is a lot of prospect to be a solid Premier League club", the Dutch coach said. "That is our main target, if we do more that's nice", he said.
"Perhaps the most important thing for this one was two or three days after we met, Frank's agent rang me", Parish added.
A graduate of the Ajax academy who went on to play for Barcelona, Galatasaray and Rangers while also earning 112 caps for Holland, De Boer has always been a disciple of possession-based football.
"You have to be realistic and see what the qualities of the team are". He was assistant coach of the Netherlands when the country reached the World Cup final in 2010.