Turner interviewed with the team last week and will take over for Mike Shula, who was fired on Tuesday.
The 65-year-old Turner returns to the coaching ranks for the first time since stepping down as offensive coordinator of the Minnesota Vikings in November 2016. Prior to that decision, Turner had served as an NFL head coach or coordinator since 1991.
Turner has a wealth of coaching experience, serving as offensive coordinator for the Dallas Cowboys (1991-1993), then-San Diego Chargers (2001), Miami Dolphins (2002-2003), Oakland Raiders (2004-2005), San Francisco 49ers (2006), Cleveland Browns (2013), and Vikings (2014-2016).
Turner also has been a head coach with the Washington Redskins from 1994 to 2000 and the Chargers from 2007 to 2012.
The Panthers are set to hire Turner's son, Scott, as quarterbacks coach. He is currently the quarterbacks coach at the University of Michigan on head coach Jim Harbaugh's staff.
Scott Turner will replace Ken Dorsey, whom the Panthers fired Tuesday.
The Panthers ended the 2017 season with an 11-5 record, losing in the playoffs to the New Orleans Saints. They finished 2017 ranked 19th in total offense (323.7 yards per game), 28th in passing (192.3 per game), fourth in rushing offense (131.4 per tilt) and 12th in points per game (22.7).