The club turned to Vutsov after Bulgaria boss Penev left following the decision of the country's central bank to put Botev's main sponsor, Corporate Commercial Bank, under special supervision.
Vutsov, who turns 47 on Saturday, previously coached Sofia rivals Levski and Slavia and has a reputation for emotional outbursts and strong views.
Botev, two times champions and one of Bulgaria's most popular clubs, finished fourth in the league last season and are in the second qualifying round of the Europa League.
(Reporting by Angel Krasimirov, editing by Alan Baldwin)
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