The Cubs tweeted Thursday morning that Ross agreed to a three-year contract through the 2022 season with a club option for 2023.
Ross, 44, will replace Joe Maddon.
Ross helped the Cubs end their 108-year-old World Series drought in 2016. He is now replacing his former manager, Joe Maddon, who the Cubs announced would not be coming back ahead of the final game of the season.
Ross was never a superstar on the field, and served as a back-up catcher for the team. But he was one of the most popular members of the 2016 World Series team. "Grandpa Rossy," as he was known, retired after that magical season and said he was looking forward to being out of the spotlight for a bit.
Before joining the Cubs, Ross played for the Boston Red Sox, Atlanta Braves, Cincinnati Reds, San Diego Padres, Pittsburgh Pirates and Los Angeles Dodgers in his 15-year career.
Since his retirement, Ross has served as an ESPN analyst and as a Cubs special assistant. He also competed on "Dancing with the Stars," taking second place.