The two-time Indian Premier League winner and World Cup champion replaces Anil Kumble in an effort to break a streak of nine years without qualifying for the playoffs
Trevor Bayliss has been appointed the new Punjab Kings head coach.
Anil Kumble quit earlier this month after guiding the team to three sixth-place finishes in a row in the Indian Premier League.
Bayliss won two IPL titles during three seasons at Kolkata Knight Riders and has also worked with Sunrisers Hyderabad.
A World Cup winner in 2019 with England, the 59-year-old has also led Sri Lanka, Sydney Sixers and London Spirit during an illustrious coaching career.
"I'm honoured to be given the head coach role with the Punjab Kings," said the Australian. "A foundation franchise with an appetite for success.
"I look forward to working with a talented squad of players determined to compete for silverware."

Anil Kumble failed to guide Kings out of the league stage in three seasons at the helm (JEWEL SAMAD/AFP via Getty Images)
Top of Bayliss' in-tray will be deciding whether to retain captain Mayank Agarwal, whose future has been subject of speculation.
Agarwal endured a rather wretched 2022 season, scoring just 196 runs at 16.33 in 12 matches.
Kings have been forced to deny media reports referencing speculation from undisclosed franchise officials regarding the 31-year-old.
In 15 IPL seasons, Kings (and under their previous guise of Kings XI Punjab) have only twice progressed to the knock-out phase.
In 2008 they were beaten in the semi-final stage by Chennai Super Kings after finishing second in the group.
The only other occasion came in 2014, having topped the league stage and navigating their way to the final, where they lost to Bayliss' KKR.