The ex-Middlesbrough and Derby County forward has signed a one-year deal with the club, who were promoted to the country's top flight last season, reports Sky Sports News.
"I am grateful to Arsenal for the invitation. We are opening a new page of cooperation, which, I hope, will be long and fruitful," the broadcaster quotes Ravanelli as saying.
"My wife wasn't very happy with this, but she knows how important it is for me. My three children understood it too."
Ravanelli's only prior coaching experience is a stint in charge of Juventus's youth team and a fleeting spell as head coach of French side Ajaccio in 2013.