The Argentine giant announced that the retired forward has been appointed manager and will take charge of the team, replacing Julio Cesar Falcioni at the helm.
Bianchi coached Boca Juniors from 1998 to 2001 and returned to the club in 2003 for a one-year stint with Los Xeneizes. During his time with the team, the coach won nine titles, including three Copa Libertadores championships and two Intercontinetal cups.
"It's a great joy that Carlos Bianchi, the most successful coach in the history of the club, returns to Boca Juniors," president Daniel Angelici said.
It is rumored that Bianchi's return could pave the way for the return of Juan Roman Riquelme, who famously fell out with Falcioni and left the club earlier this year but is still without a club.