The legendary midfielder has agreed terms with the Turin giants to take over from Fabio Pecchia, who led Juve's second string to the Coppa Italia Serie C as well as the play-off quarter-finals for promotion to Serie B.
It is expected that the deal will be made official in the coming days.
Pirlo enjoyed an incredible playing career, which saw him play for Juventus from 2011 to 2015.
His influence and technical presence played a significant role as the Bianconeri won four successive Scudetti during his time at the club, as well as the 2014-15 Coppa Italia and the Supercoppa Italiana in 2012 and 2013.
Prior to his time in Turin, he had started his career in Brescia before moving to Inter, where he failed to establish himself, forced out on loan to Reggina and Brescia.
A switch to AC Milan kickstarted his career, and it was while wearing the red and black of the San Siro side that he enjoyed his greatest successes domestically, twice being a member of Champions League-winning squads.
He ended his playing days in MLS, where he featured for New York City FC, featuring 62 in total and scoring a single goal.
On the international scene, meanwhile, he was a long-standing member of the Italy national team, playing for the Azzurri on 116 occasions and scoring 13 goals.
In 2006, he was a member of the squad that won the World Cup in Germany, claiming an assist in the 1-1 draw against France in the final and also scoring the opening penalty in the ensuing shootout, which Italy won 5-4.
He famously reflected in his autobiography on that match: "I don't feel pressure... I don't give a toss about it. I spent the afternoon of July 9, 2006 in Berlin sleeping and playing the PlayStation. In the evening, I went out and won the World Cup."
Juventus' Under-23 side will be Pirlo's first job in management, with the former midfielder having retired from the playing side of the game back in 2017 following a three-year spell with MLS side New York City FC.
Sources have confirmed to Goal that former Juve goalkeeper Marco Storari will also be part of the club's Under-23 set-up, with the 43-year-old taking up a sporting director role as part of Pirlo's staff.