The Frenchman will take control in the East Midlands after signing a two-and-a-half year contract at the King Power Stadium.
Releasing a statement on their official website on Wednesday evening, the Foxes confirmed they were "delighted" to announce the appointment of Puel.
The 2015/16 Premier League champions also revealed that caretaker boss Michael Appleton who had overseen two wins out of two, including last night's 3-1 success over Leeds United, would remain at the club in an assistant's role.
'A great privilege'
Puel, the ex-LOSC Lille and Olympique Lyon manager, also expressed his delight at arriving at the King Power Stadium.
He said: "It’s a great privilege to become the new manager of Leicester City – a club whose values and ambitions are closely aligned to my own. "
The Frenchman continued by labelling the "truly exciting" opportunity that he had been given in returning to manage in the Premier League.
Leicester City Vice Chairman Aiyawatt Srivaddhanaprabha also gave his thoughts on the thinking behind Puel's appointment. He said: “Claude Puel was a perfect fit.
"He quickly emerged as the outstanding candidate and I am delighted we will have the opportunity to reinforce our long-term vision, aided significantly by his expertise,” he told LCFC.com.
Puel arrives at the King Power Stadium having been out of work since being sacked by Southampton in June despite leading the Saints to an eighth-placed finish in the league and an EFL Cup final.
The vastly-experienced coach has also taken charge of the likes of AS Monaco and OGC Nice throughout his career, accumulating a more than respectable 42.6 win percentage along the way.
He has also lifted the Ligue 1 title and the Trophée des Champions during his time in France.
Puel's first match back in the Premier League will be Sunday afternoon's clash with manager-less Everton.