Eriksson, who was expected to be unveiled as the new coach, will leave his role as the UKA's Paralympic head coach to oversee the athletes ahead of the 2016 Olympic Games in Rio.
"It is a great privilege to be asked to take on this role," said Eriksson. "I will continue with the methods and approach that has proved so successful in the Paralympic arena, and that has been about strong performance management of our best medal prospects to maximise the likelihood of medal winning performances.
"The Olympic team performed very well in London, finishing fourth in the world with four golds so I have a great platform on which to build."
Performance director Neil Black added: "Peter has proved time and again that he has the priceless ability to lead and inspire athletes to deliver when it matters most, at the biggest championships, on the global stage.
"He is a rare talent, fantastically well positioned to now assume leadership of the Olympic team, and to build on the impressive progress the sport has made between Beijing and London."
Eriksson, who has been with UKA since 2009, will take over from Van Commenee, who left his post after failing to reach the medal target he set for the London 2012 Games.