It was announced in April that Conte would move to Stamford Bridge and leave the national side following the tournament in France, when his contract expires.
Ventura, 68, has managed an array of clubs in Italy but has never managed at international level.
Ventura leaves Torino after five years
His most recent job was at Serie A side Torino, where he has been the manager for the last five years, however he terminated his contract in May.
Torino finished 12th in the league last season and have been a top flight side ever since Ventura led them to promotion during his first season back in 2011.
Ventura has also managed Udinese, Napoli and Sampdoria, however his only managerial trophy is a third division title which he won with Lecce 20 years ago.
He has been given a two-year contract which will run until after the 2018 World Cup in Russia, and is also expected bring several of his key staff from Torino to the Italy set-up.
First task is World Cup qualification
Ventura’s first competitive game in charge of the Azzurri will come on September 5, when they face a trip to Israel for the opening game of their World Cup qualifying campaign.
Having managed a number of players in the current national side at Torino, including Manchester United’s Matteo Darmian and West Ham’s Angelo Ogbonna, the Genoa-born manager should have little trouble settling in.
The appointment may take attentions off Italy’s tough group at the Euros which get underway on Friday.