Having assisted Warren Gatland during the Lions series in 2013 and 2017, the Englishman, who is currently coaching Ireland, takes over the position.
Since taking over in 2019, Farrell, 48, has guided Ireland to a Six Nations Grand Slam and their first series victory in New Zealand.
He inked a new contract with Ireland last month, which is valid until 2027.
He will begin playing for the Lions in December 2024.
‘Supreme motivator’ is how Lions head coach Farrell described himself.
Ireland would be in good hands the next year, according to Farrell Farrell praised the Irish Rugby Football Union (IRFU) for enabling him to accept the “prestigious opportunity” and called it a “honour and a privilege”.
“I am excited about the abundance of talent in Britain and Ireland.”