The 56-year-old will formally start work at Molineux on Monday after agreeing to replace Jackett, who was sacked on Friday night just four days after receiving assurances about his future by the club's new owners
Zenga, a former Inter Milan player, brings a wealth of experience to the hotseat following time in charge of clubs such as Steaua Bucharest, Red Star Belgrade, Catania, Palermo and Sampdoria.
Wolves' main director Jeff Shi told the club's official website: "We're delighted to appoint Walter as the new head coach of Wolves
"He has an excellent track record both as a player and as a coach, and a wealth of experience he can bring to his new role at Wolves.
"Walter is a hugely passionate personality who lives for football and is fiercely determined to succeed in everything that he does.
"We are looking forward to working with him, and supporting him in the shared aim of trying to help Wolves achieve promotion back to the Premier League."
Zenga will watch Saturday afternoon's friendly against Swansea from the stands as Rob Edwards, Wolves' first-team coach, takes care of first-team affairs
After Jackett's exit, Shi said: ''I would like to sincerely thank Kenny for everything he's done for Wolves over the last three years
''He's shown true professionalism during his tenure and over the course of the transition to new ownership
I would like to wish him all the very best for the future.''
Source : PA