Solskjær scored 126 goals in 366 appearances for United between 1996 and 2007. In 2008 he became the club’s reserve-team manager, before taking the managerial role at FC Molde in Norway.
Solskjær will take charge of the first team with immediate effect and will remain in place while the club conducts a thorough recruitment process for a new full-time manager, the club said in a statement.
Solskjaer will be joined by Mike Phelan as first-team coach, working alongside Michael Carrick and Kieran McKenna.