Justin Langer had resigned as coach of the senior men's team earlier this month and then Cricket Australia appointed Andrew McDonald as interim head coach.
Cricket Australia on Saturday accepted men's team head coach Justin Langer's resignation.
Langer, under whose tutelage Australia hammered England in the Ashes and also won the T20 World Cup for the first time last year, has been in service for the past four years.
Langer, whose contract is due to end in June, guided Australia to its maiden T20 World Cup title last year and a dominant 4-0 Ashes victory recently.
Langer was appointed head coach in the aftermath of the ball-tampering scandal in 2018 to overhaul the team's culture and regain the respect of the Australian public. His contract is due to end in June.
Langer had faced criticism for his coaching methods from the players but now has a Twenty20 World Cup in his CV and is also close to adding the coveted Ashes Trophy win to it.
Ponting's appointment comes a day after David Saker resigned as Australia's fast-bowling coach with immediate effect.
Ponting, who has been an assistant coach for Australia's T20 side twice before, will fit his coaching duties around commentary work that he was already scheduled to do during the series.
Australian legend Mark Waugh has stepped down from the post of national selector after accepting a commentary job offer from the local broadcaster.
The two-time World Cup-winning captain had earlier been the assistant coach for the T20I side in a three-game series against Sri Lanka earlier this year.
Australia regained the Ashes last week by beating England in the third Test in Perth and begins to play in the fourth match on Tuesday at the Melbourne Cricket Ground.
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