Auriemma, 59, will be the first person to coach the U.S. women's Olympic basketball team twice.
The Americans were dominant in the London Games, going 8-0 and outscoring their opponents by an average of 34.4 points a game. Their closest contest was an 86-73 win over Australia in the semifinals, before they beat France 86-50 in the gold medal game.
It was the fifth consecutive Olympics, and seventh time overall, the United States took the women's basketball gold.
Auriemma had previously said he didn't plan to coach the U.S. women's national team again but said the opportunity to represent the United States "is one you don't take lightly."
"It's exciting to announce that Geno Auriemma is returning as head coach of the USA Women's National Team," said USA Basketball Chairman Jerry Colangelo. "Parity in women's international basketball is increasing each year and so selecting a coach with international basketball experience is critical. Being able to have some continuity in the program was another very important consideration."
Auriemma has coached the Connecticut women's basketball team for 28 seasons, building an 839-133 record and winning the NCAA title seven times. His 2008-09 and 2009-10 team posted consecutive 39-0 seasons.
The Huskies were 39-0 in 2001-02 and went 35-0 in 1994-95.
Auriemma was inducted into the Naismith Basketball Hall of Fame in 2006.