The 45-year-old led Juventus to three successive Serie A titles before surprisingly resigning from his post last month.
And he was confirmed as Cesare Prandelli's replacement on Thursday, signing a contract that will keep him in charge of Italy until July 2016.
Under the terms of Conte's contract, he will receive a bonus for leading the country to UEFA Euro 2016.
Further bonuses are up for grabs if Italy can improve their FIFA ranking by five positions and depending on the nation's performance at that tournament in France.
FIGC president Carlo Tavecchio confirmed the association had been talking with Conte earlier this week and after much speculation, they announced the appointment on Thursday.
Conte reportedly beat former Manchester City and Galatasaray manager Roberto Mancini for the position.
He will face the media for the first time in Rome on Tuesday.
Conte's first task in charge of Italy will be a friendly against the Netherlands on September 3 before the nation's bid to reach Euro 2016 begins against Norway six days later.
Italy failed to make it through the group stages of the 2014 World Cup, leading to Prandelli's resignation.
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