The 46-year-old will take charge of the Sky Blues for the first time this Saturday when his new side host Cardiff City.
The former Everton and Chelsea boss has been out of work since ending his second spell at Stamford Bridge in May 2023.
Mark Robins was surprisingly sacked earlier this month, after a seven-year spell where he led Coventry from League Two to a Championship play-off final and FA Cup semi-final.
"I am delighted that Frank Lampard has agreed to join our club as head coach. Frank cut his teeth in the Championship and knows what is needed in this league to be successful," club owner and executive chairman Doug King said.
"His experiences thereafter at Chelsea and Everton will ensure he brings to our talented squad clear understanding of exactly what is needed to succeed at the very top level that we as a club are striving to reach."
We are delighted to announce the appointment of Frank Lampard as Head Coach. ⤵️— Coventry City (@Coventry_City) November 28, 2024
Lampard, 46, retired as a player in 2017 and in May 2018 took on his first managerial role at Derby County, who he led to the Championship play-off final in his first season.
The Rams lost out to Aston Villa in the final and the following summer Lampard returned to Stamford Bridge, where he had spent 13 years as a player, signing a three-year deal to replace Maurizio Sarri as manager.
Lampard guided Chelsea to fourth in the Premier League and the FA Cup final, which they lost 2-1 to Arsenal, but after a poor run the following season saw them drop to ninth in the table, he was sacked in January 2021.
After a year out of the game, Lampard was announced as Everton's new manager in 2022 but was sacked after less than a year in charge.
Chelsea reappointed Lampard as their caretaker manager until the end of the season in April 2023 after they had sacked Graham Potter, but the former England midfielder won only one of his 11 games in charge.
Lampard, who had a 21-year playing career, is Chelsea's record scorer with 211 goals in 648 appearances in total and his 106 England caps place him joint-seventh alongside Sir Bobby Charlton on the all-time list.
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