Ferrer had signed an agreement to captain Spain for the next three years and would be officially presented in his new role in Madrid on Monday, the RFET said in a statement on Thursday.
Ferrer won the Davis Cup as a player on three occasions with Spain, lifting the trophy in 2008, 2009 and 2011, as well as a runners-up finish in 2012.
In his best showing at a Grand Slam, he reached the 2013 final at Roland Garros, where he was beaten by fellow Spaniard Rafa Nadal. He twice reached the semi-finals of the Australian Open and US Open.
Ferrer retired from the sport in 2019. He was appointed as the tournament director for the Davis Cup Finals in June.
He replaces two-times French Open winner Bruguera, who was appointed captain in 2018 and led Spain to their sixth Davis Cup title in 2019.
Spain, who were without world number one Carlos Alcaraz and Nadal, were beaten 2-0 by Croatia in a quarter-finals tie at the 2022 Davis Cup Finals in Malaga last month.
Spain's next assignment in the Davis Cup will come in September next year, after the team received a wild card into the Finals in 2023.
