League sources told ESPN and USA Today on Wednesday that Ross beat out five other candidates to replace former manager Joe Maddon, who parted ways with the club and became the Los Angeles Angels' new skipper.
Ross, 42, played under Maddon in the 2015 and 2016 seasons, helping the Cubs win their first World Series title in 108 years. He later joined the team's front office and became an ESPN baseball analyst.
Ross doesn't have any coaching or managerial experience but has served as a special assistant in baseball operations since January 2017 with the Cubs.
Other potential candidates, including Cubs first base coach Will Venable, bench coach Mark Loretta, former Philadelphia Phillies manager Gabe Kapler, former New York Yankees skipper Joe Girardi and Houston Astros bench coach Joe Espada, were informed of the decision, according to ESPN.
Ross ended his 15-year playing career after the 2016 World Series, in which he hit a home run in Game 7 to help the Cubs clinch the victory. He also won a World Series with the Boston Red Sox and spent time with the Los Angeles Dodgers, Pittsburgh Pirates, Atlanta Braves, Cincinnati Reds and San Diego Padres.