The outspoken 45-year-old manager takes over from Victor Manuel Vucetich, who was given just two games at the helm, and is being loaned from Club America to the national team for next month's World Cup qualifying playoff against New Zealand.
In early December, there will be another meeting to assess the situation.
Herrera officially takes over Sunday after America's game against Cruz Azul on Saturday and becomes the fourth coach of El Tri in a little over a month.
"El Piojo" brings his entire backroom staff with him and takes over a team that has won just two of 10 games in World Cup qualifying this year.
Herrera's first game in charge is Oct. 30 against Finland in San Diego.
After that, Mexico faces New Zealand at Estadio Azteca on Nov. 13 at 3:30 p.m. ET and in Wellington on Nov. 20 in a bid to secure a place at the World Cup in Brazil next summer.
Herrera leaves Club America as reigning Liga MX champion, with the team in first place this season and widely regarded as the favorite for the Apertura 2013 title.
Herrera has previously managed Atlante, Monterrey Veracruz and Estudiantes Tecos in Mexico's top division and has one league title.