Last weekend, team officials confirmed they had reached an agreement with Jordan, 54. The deal is worth $8.1 million over three years, The Philadelphia Inquirer reported.
Jordan told a news conference he was excited "to accept this responsibility and this challenge."
"I'm very excited and humbled and giving it 100 percent to restore the tradition and the brand of basketball that the fans, the organization will be proud of," he said.
Jordan replaces Maurice Cheeks, who was fired Dec. 13, with the team 9-14. Assistant General Manager Tony DiLeo coached the rest of the season, with the team ending up 41-41.
Jordan is taking over his third NBA team. He was head coach of the Sacramento Kings for the final 15 games of the 1996-97 season and all of 1997-98, producing a 33-64 record. He also coached the Washington Wizards for six full seasons but was fired Nov. 24, with the team 1-10. His Washington record was 197-224.