Renard, who led Zambia and Ivory Coast to Africa Cup of Nations glories in 2012 and 2015 respectively, had been in charge of Morocco since 2016 and took them to their first World Cup appearance in two decades last year.
Morocco were touted as one of the favourites for the recently-concluded 2019 Africa Cup of Nations but the furthest the Atlas Lions could go was the round of 16 stage.
Morocco secured maximum points in a group that contained the likes of Ivory Coast, South Africa and Namibia but were knocked out by minnows Benin at the round of 16 stage on penalties following a 1-1 draw.
"The first coach in history to achieve the African Cup with two different teams," Saudi Arabia announced on Twitter as they welcomed Renard.
Renard’s foremost task will be to ensure Saudi Arabia’s qualification to the 2022 FIFA World Cup to be held in Qatar.
Saudi Arabia qualified for the 2018 World Cup in Russia last but finished third in a group that contained the hosts, Egypt and Uruguay.
“Happy to start a new adventure in Saudi Arabia on a new continent!” Renard stated.
Saudi Arabia currently lie 68th in the FIFA World Rankings.
