Riise, who won the World Cup, European Championship and an Olympic gold medal as a player, would be presented at a news conference later on Wednesday, August 3, the NFF said in a statement.
Riise, who coached Britain's women's team at the Tokyo Olympics, replaces Swede Martin Sjogren (45), who departed the role swiftly after his side suffered a humiliating 8-0 defeat against Euro 2022 hosts and eventual winners England.
No details of the length of the 53-year-old Riise's contract have been announced yet.
Historically a powerhouse of women's football, Norway are one of only four nations (including the USA, Germany and Japan) to have ever won the women's World Cup, making their poor performance at this summer's Euros particularly noteworthy.
The next women's World Cup will be held jointly by Australia and New Zealand in July and August 2023.
