The Serbian coach was unveiled by the Buccaneers at a press conference on Thursday, coming in as the replacement for Kjell Jonevret, who resigned this week.
Micho, as the new coach is known, returns for a second stint at Pirates, having initially held the coaching reins in 2006.
Speaking to the press, Bucs boss Dr Irvin Khoza said: "We welcome back Milutin Sredejovic, coach Micho. A man who's integrity I respect.
“When he [Micho] left [in 2006], he left graciously. Now, he comes back with a great record and experiences throughout the continent.”
He added: "We will also announce his technical support staff after further discussions."
Regarding Pirates’ playing personnel and the club's plans for the transfer market, Khoza said: “We are hoping to finalise one or two signings before the start of the season in key positions.”
Khoza also confirmed former Pirates captain Oupa Manyisa will depart Soweto after signing a three-year deal with Mamelodi Sundowns.