"Kobelev has taken over the position of head coach Stanislav Cherchesov, after his contract was cancelled by mutual consent," the club said on their website on Monday (www.fcdynamo.ru).
Cherchesov had been in charge of Dynamo since April 2014 and helped the blue and whites finish fourth in the Premier League last season, earning a place in the Europa League third qualifying round.
Dynamo, however, were banned last month from European competitions for one season after breaking Financial Fair Play rules.
Kobelev has coached Dynamo three times, helping them to a third-place finish in the Premier League in 2008.
His first match in charge will be on Sunday when Dynamo travel to champions Zenit St Petersburg.
(Reporting by Dmitriy Rogovitskiy; editing by Ed Osmond)
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