The former Celtic defender has been happy to learn from David Moyes and Roberto Martinez at Everton since passing his coaching badges and did not want to dive into his first opportunity.
But the 42-year-old was excited by the prospect of firing relegated Hibs forward after meeting new Easter Road chief executive Leeann Dempster.
Stubbs, who was unveiled as head coach at the club's training ground on Thursday, said: "It's no secret that I saw myself as a manager one day. I've had a great introduction with Everton, five years with the under-21s. I had a few opportunities where I could have gone into management but I didn't feel it was the right opportunity at that time.
"It had to be the right opportunity. Meeting with Leeann, the vision she has got to take this club forward, it's exciting and something that appealed to me."
Stubbs takes over a squad that has not been bolstered since 14 players left in the wake of their play-off defeat by Hamilton, which consigned them to a uniquely competitive Championship.
Stubbs, who replaces the sacked Terry Butcher, said: "I'll be utilising all the contacts and favours that I have given people in the past to put a team on the pitch that is going to play football, be exciting to watch, score goals, and I want the fans to be proud of the team.
"The ambition is to get back (up) as quickly as possible. It's going to be an exciting league.
"I don't think Rangers anticipated playing Hearts and Hibs this year so it's going to be tough for them, and it's going to be tough for us. But it's going to be exciting."