Le Guen will be assisted by Nigerian Salisu Yusuf, who takes the role of Chief Coach.
The 52-year-old steered the Indomitable Lions of Cameroon to the 2010 FIFA World Cup finals.
Le Guen has been linked with the Nigeria post for several months after Sunday Oliseh walked out on the Super Eagles in February, following what the former Nigeria skipper claimed were several breaches to his contract, including the non-payment of his salary for several months.
The NFF have assured a regular payment of the new coach’s salary, believed to be about $50,000 a month, as it will be covered by a private company after the government said it would not bankroll it.
The immediate task for Le Guen, who led Lyon to three Ligue 1 titles between 2002 and 2005, is to help the Super Eagles qualify for a sixth World Cup, beginning in October with a tricky visit to Zambia.
The coach takes over a team that failed in Africa Cup of Nations qualifying for the second successive time in March.
Yusuf, capped at U20 level by Nigeria, led the Super Eagles in interim capacity for two international friendly matches in Europe at the end of May, which the Eagles won.
Enugu Rangers gaffer Imama Amapakabo and former Super Eagles’ goalkeeper and skipper Alloy Agu, who served as assistant coach and goalkeeper trainer for the games against Mali and Luxembourg in May, retain their places in the technical crew.
The new crew’s immediate challenge is a 2017 Africa Cup of Nations qualifier against Tanzania in the first week of September – a dead rubber, but which would serve as ample preparation for the 2018 FIFA World Cup qualifying match away to Zambia on October 3.
The Committee has also recommended to the NFF Board, the appointment of one –time Super Eagles’ assistant coach Bitrus Bewarang as the new NFF Technical Director.
Bewarang, who is president of the Nigeria Football Coaches Association, will replace the late Coach Shaibu Amodu.
There is also a recommendation that former Super Eagles’ defender Nduka Ugbade be restored to the U17 National Team as assistant to Coach Manu Garba.
The appointments are subject to agreement of contract terms with the NFF Executive Committee.