Ferreira left his post with the Primeira Liga side sitting seventh in the table, six points shy of a European qualification place.
Within 24 hours, Braga have announced the appointment of Paixao, who joins from second-tier side Farense on a short-term deal.
"SC Braga-Futebol SAD announces that it has agreed with coach Jorge Paixao to take the helm of SC Braga's first team until the end of the current season," read a statement on Braga's official website.
"The new coaching team will still consist of the following elements: Philip Silverio (assistant coach), Vitor Castanheira (assistant coach), Jorge Vital (goalkeeper coach) and Tomás Amaral (observation and analysis)."
Paixao faces a tricky start to his Braga tenure with a visit to second-placed Sporting Lisbon on Saturday.
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