Having retired from professional football after Euro 2012, the 36-year-old has now been asked by the organisation's president Anatoly Konkov to train the national side, after having been briefly linked with a job at his former club Chelsea in May.
"A few years ago, Pep Guardiola achieved incredible results [with Barcelona]" the football chief was quoted as saying on the Ukrainian FA's website.
"I'm sure Shevchenko will also be able to conquer football as a mentor of the national team, he has enough experience and character. In return, the federation will ensure any necessary assistance is given."
In October, Shevchenko had suffered a setback with his social-democratic political party Ukraine Forward, securing only 1.6 per cent of the ballot in Ukraine's parliamentary elections of the five per cent required to claim a seat in the parliament.
Besides playing for the Blues, the experienced forward also spent time at Dynamo Kiev and AC Milan, scoring 219 goals in 444 appearances during his career.