KickOff.com earlier caught wind of the possible return of Ertugral to Ajax, following the departure of Stanley Menzo on Thursday morning.
The club have since confirmed that the Turkish tactician is set to return for a fourth stint in the Mother City, as they look to revive their campaign.
“We are delighted to have secured Muhsin’s signature once again," the Urban Warriors' boss Ari Efstathiou told his club's website.
"Muhsin is no stranger to the club and clearly understands our philosophy of playing attacking and attractive winning football.
“He is also very knowledgeable in promoting our youth players from our academy, which is critical to the club’s future. We would like to welcome him back.”