Axelrod, 57, was named White House senior adviser after he ran Obama's 2008 election campaign. He left his White House post in 2011 to head up Obama's re-election campaign.
Axelrod is to contribute frequently across all broadcasts and platforms related to NBC and MSNBC.
"For nearly three decades, Axelrod guided successful campaigns at every level on the ballot," NBC said in a news release. "He began his career as a journalist, spending eight years as a political writer, columnist and City Hall bureau chief for the Chicago Tribune before stepping into politics in 1984. He founded Axelrod and Associates, a political and media consulting firm which became AKPD Message and Media. He later founded the communications management firm ASGK Public Strategies."