Having chosen to part ways with Chris Wilder at the beginning of October, the Boro hierarchy have taken their time with regards to finding a replacement.
Since then, Leo Percovich has been in caretaker charge, guiding the struggling Championship outfit to seven points from five matches to leave the club in 21st position in the standings.
However, Carrick, who made 464 appearances for Manchester United during his playing days, has long been regarded as one of the frontrunners for the permanent position, despite allegedly having reservations about the job before a change of heart.
Instead of rushing through an appointment in time for the previous league fixture with Huddersfield Town, Boro have instead taken their time to confirm the conclusion of their search on Monday afternoon.
Speaking to the club's official website, chairman Steve Gibson said: "We're delighted to welcome Michael to the club. We had identified a number of potentials for the vacancy who we spoke with, and were impressed by all, but Michael was the outstanding candidate.
"Michael has the same values as the club, and we are very much aligned in our ambitions. We see Michael as the perfect fit for us and he believes this is the right club at the right time."
While Carrick is taking on his first full-time senior position in the dugout, the Englishman has several years of experience on the backroom staff of former United boss Ole Gunnar Solskjaer.
Furthermore, the 41-year-old spent three games in caretaker charge of United at the back end of 2021, victories over Villarreal and Arsenal being sandwiched between a draw at Chelsea.
Commenting on taking the next step of his managerial career, Carrick said: "I'm really excited to be here and to be part of a club with such a deep history and tradition. Middlesbrough was the first professional club I played for as a nine-year old boy, so it's a very special feeling to be back here as a head coach.
"Growing up in the north-east myself I'm fully aware of what football means to people. It's a real privilege for me to be in this position and to feel all the passion and enthusiasm you've got for the game and for Boro.
"I'll give everything to help develop the team and keep moving the club forward and make you the supporters proud."
Jonathan Woodgate, a former head coach of Middlesbrough, will form part of Carrick's backroom staff as first-team coach.
Carrick's first game in charge will come against Preston North End at Deepdale on October 29.