Sven set to toast Ivory Coast post
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The Elephants had been hoping to convince Guus Hiddink to take the reins in South Africa, but saw their efforts come to nothing.
The Dutchman is currently between jobs, having parted with Russia and yet to take charge of new employers Turkey.
However, an agreement could not be reached and the Ivorians have been forced to turn their attention elsewhere.
Swedish tactician Eriksson was quickly installed as their top choice, with the former Mexico and England boss looking for work after leaving his role as director of football at Notts County in February.
He has prior experience of life at the World Cup, having guided England to the finals in 2002 and 2006.
Ivory Coast general secretary Hegaurd Ouattara admits Eriksson was not the leading candidate to replace Vahid Halihodzic, but is delighted with the appointment.
"He was not out first choice. That was Guus Hiddink," he said. "But Eriksson's record speaks for itself."