Ricky Ponting has been confirmed as the new head coach of the Mumbai Indians for next year's Indian Premier League.

The former Australia captain had spent the last two campaigns representing the Indians in a playing capacity.

However, following John Wright's decision to vacate the coach's post for a new role within youth development, 39-year-old Ponting has accepted the invitation to fill the void.

"We are delighted to have Ricky back with us and look forward to his contribution based on his experience and expertise," said Anil Kumble, one of the club's owners.

"John Wright will continue his association with MI and will look after talent scouting and youth development, which is one of the areas that we would like to build a stronger base in years to come."

The Mumbai-based outfit won the IPL in 2013, but could only finish fourth this year.