After Patrick Vieira was fired, Roy Hodgson returned to Selhurst Park for a second stint; with ten games remaining.
Palace is just three points above the relegation zone and has lost its previous 12 Premier League games. Paddy McCarthy will assist Hodgson, and Ray Lewington will serve as first-team coach once more.
With ten games left, the Eagles are three points above the relegation zone and fighting for Premier League survival under the former England boss.
Hodgson said: “It is a privilege to be asked to return to the club, which has always meant so much to me, and to be given the important task of turning the team’s fortunes around.
“Our sole objective now is to start winning matches and to get the points necessary to ensure our Premier League status.”
When the Premier League resumes on April 1 following the international break, Palace will host Leicester.