He helped build a perennial Presidents' Trophy contender over his eight-plus seasons at the helm in Tampa, and now returns to the place he called home ice to attempt to do the same for the Red Wings. He and Holland are very close.
"I'm extremely honored to be named General Manager of the Red Wings", said Yzerman.
Yzerman returns to the Red Wings as just the 11th individual to serve as General Manager of the team after spending 27 seasons with the organization as a player (1983-06) and within the hockey operations department (2006-10).
In his time with the Red Wings as a player, Yzerman, who was the team captain for two decades, won three Stanley Cups and is one of the most celebrated players in franchise history.
Mountain climbers feared dead after avalanche on Canadian peak
David Lama , top to bottom, Jess Roskelley and Hansjorg Auer are seen in a composite image of three undated handout images. Parks Canada said the climbers began their ascent on Tuesday and had already climbed various Canadian peaks recently.
Yzerman had been the general of the Tampa Bay Lightning since 2010 and stepped down last September to take an advisory role.
As the general manager, he'll have a chance to do it again.
The press conference is scheduled to begin at 3 p.m.at Little Caesars Arena.
Detroit has spent the past three seasons in mediocrity, and hope Yzerman can set the team straight. He began his post-playing career as vice-president of hockey operations under Holland in Detroit and was part of the organization as a Stanley Cup victor in 2008 before leaving to lead the Lightning.
Yzerman also said the move to a senior adviser was so that he could "spend more time with my family", and he still owns a home in metro Detroit where his family lives. The Red Wings may not be in a position to fleece teams in trades just yet, but Yzerman has a window to get to that point and create a roster he thinks will succeed. He played 22 seasons for the franchise and is its second leading scorer all-time.