0607 GMT January 22, 2018
Giggs will be taking on his first major managerial role, his only experience so far having come in a four-game stint in interim charge of Manchester United after David Moyes was sacked, Sky Sports reported.
The 44-year-old was capped 64 times by Wales in his 24-year professional career, scoring 12 goals.
He takes over from Chris Coleman, who left the role in November to take over as manager of Championship side Sunderland.
Coleman managed to lead Wales to Euro 2016, where his side reached the semifinals, but it failed to qualify for this summer's World Cup in Russia.
Giggs said, "I am so proud to have been given the honor of managing the National Team. The challenges that we have ahead of us with the Nations League and qualification for Euro 2020 excite me a great deal.
"I can't wait to start working with the players as we prepare for those crucial games later in the year."