"Bill has been a winner throughout his hockey career and I am extremely pleased to be able to add his experience to our organization and the State of Hockey," team owner Craig Leipold said in a statement.
Guerin will be introduced Thursday morning, according to The Athletic's Michael Russo.
The 48-year-old succeeds Paul Fenton, who was fired July 30 after one campaign. The Wild missed the playoffs for the first time since 2012 under Fenton's watch.
Minnesota interviewed Guerin last season before ultimately choosing Fenton.
Leipold, Wild president Matt Majka, and Hockey Hall of Famer Mike Modano interviewed the team's general manager candidates this summer, Russo reports. Modano spent three seasons playing alongside Guerin with the Dallas Stars and the U.S. national team.
Guerin was hired by the Pittsburgh Penguins in 2011 as a player development coach. He was promoted to assistant general manager in 2014 and captured back-to-back Stanley Cups with the club in 2016 and 2017.
During his playing career, Guerin tallied 429 goals and 856 points over 1,239 career games and won two Stanley Cups. The Worcester, Mass., native was inducted into the U.S. Hockey Hall of Fame in 2013.