Foot, 38, will be assisted by Joe Lamplough, who was in charge for Saturday’s game at Buxton following the departure of Chris Bolder last week.
Owner Carl Chadwick said: “I’m delighted that Paul has agreed to become player manager of the Club. So many people have talked about his passion for North Ferriby and also about the rapport he had with fans when he played so successfully for the team.
”He still has the passion for the club that he had as a players and I’m certain that his players and the fans will respond to him and support him.”
Foot spent 10 seasons with the club as a player, making 339 appearances, as well as captaining the club to two League Cup wins and the Northern Premier League title.
He said: ”I’m obviously delighted to have the opportunity to manage a club which means so much to me. I thoroughly enjoyed my time with the club as a player and as a local lad, I’m aware of the importance of the club to the community.
“The club has had a difficult time recently but I’m sure that we will be able to turn things round.
“I enjoyed a good deal of success as a player and captain and I hope that we can all work together to bring back those days.”
His first game in charge will be a tough FA Trophy first qualifying round trip to South Shields on Saturday.