The 46-year-old has been out of work since an ill-fated second spell in charge of Chelsea as interim boss for the final months of the 2022/23 season.
Coventry sit 17th in the English second-tier and controversially sacked Mark Robins, who led them to the FA Cup semifinals last season, earlier this month.
Lampard has signed a two-and-a-half-year contract and will take charge for the first time at home to Cardiff City today.
"I'm absolutely delighted to be here, a club that I've got huge respect for in terms of its history and tradition," said Lampard.
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