School officials said Meyer signed a six-year contract worth at least $24 million to coach at his alma mater. The deal will pay him a base salary of $4 million per year with built-in incentive bonuses.
"We're fortunate to have a man who gets it and has an understanding of the rich history and tradition at Ohio State," Athletic Director Gene Smith said.
Meyer, an Ohio native, coached the Florida Gators for six seasons, winning two national championships before resigning in December 2010, citing health and family reasons.
He spent this season as an analyst for ESPN.
"This is my home state, and it's great to be home," he said.
Meyer told reporters interim Coach Luke Fickell -- who took the reins after Jim Tressel resigned in May after 10 years at the helm amid an NCAA infractions scandal -- will remain on the staff after compiling a 6-6 record this year.
OSU is awaiting word on the outcome of the 11-month NCAA investigation of charges Tressel covered up for players who exchanged memorabilia for tattoos, The Columbus Dispatch reported.
"There is no question, we all know it, that Luke and this staff took on an unbelievable challenge to lead this football program," Meyer said.