The vastly experienced Redknapp has agreed to replace Gianfranco Zola, who resigned on Monday.
Redknapp has enjoyed notable success as a manager at AFC Bournemouth, West Ham United, Portsmouth, Tottenham Hotspur and QPR.
Amongst his many achievements, he successfully guided Portsmouth and QPR to promotions to the Premier League and also secured an FA Cup victory with Portsmouth.
He won a Premier League Manager of the Year award with Tottenham Hotspur and also qualified them for the Champions League.
Further details will be announced on bcfc.com.