The 37-year-old midfielder, who was part of the Greek team which won the European championship in 2004, will work alongside recently appointed coach Claudio Ranieri, although full details of his new position are yet to be finalised.
"The board of the Greek Football Federation has unanimously approved the recommendation of the President, George Sarris, to award a two-year contract to Giorgos Karagounis, who will take up a post with the national teams," EPO said.
"The exact definition of his responsibilities will be decided after a meeting with Claudio Ranieri and he will be officially presented by EPO in the coming days."
Karagounis, Greece's most-capped player, ended his playing career after the World Cup in Brazil last summer, making his 139th appearance in the second-round penalty shootout loss to Costa Rica.
He was released by English Premier League club Fulham last summer after a second season with the Cottagers.
Karagounis, whose other previous clubs include Inter Milan and Benfica, emerged through the youth ranks at Panathinaikos, where he enjoyed two spells and won a Greek domestic league and cup double in 2010.
(Editing by Ossian Shine)
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