The former Scotland international recently retired from the game after a career spanning 20 years and has now returned to Goodison Park, having made 269 appearances for the Toffees.
Weir agreed to terminate his contract with Rangers in January and had been training with Sheffield United before heading back to the Merseyside outfit.
And the 40-year-old has confessed he is happy to be back in familiar surroundings and believes the time is right for his career to take a different direction.
"I had five great years in Glasgow and loved every minute of it but it is nice to be back and even after only a short time it already feels like home," he told the Liverpool Echo.
"The manager has always said there was a role here for me when I finally decided to come back.
"I was always around Finch Farm and kept in touch with him [David Moyes] and he has given me this opportunity to help Alan Stubbs and Andy Holden with the reserves.
"I think I was at the stage where it was the right time for me. Hopefully it will develop into a good role and I can spend a lot of time here and learn from good people.
"I am glad to be here and will do whatever the manager requires."
