The investment banker was formerly a vice-chairman of Coventry City and will officially begin his new role on June 1
The appointment was approved unanimously by shareholders at a meeting on April 24.
Hoffman, the chairman of Monzo Bank, will take over from interim chair Claudia Arney on June 1.
The 59-year-old was previously chairman of the Football Foundation and a vice-chairman at Coventry City.
A statement on the Premier League’s official website reads: “The Premier League is delighted to confirm Gary Hoffman as its new Chair.
“Today, Shareholders voted unanimously in favour of Gary’s appointment at a special teleconference meeting. He will take over from Interim Chair Claudia Arney on 1 June.
“Gary is currently the Chairman of Monzo Bank Limited, Hastings Group Holdings plc and Coventry Building Society. He will leave Hastings Group before joining the Premier League.
“Previously, he was Chairman of the Football Foundation, Chairman of Visa Europe, a Vice-Chairman of Coventry City FC and was appointed to lead Northern Rock through its government bailout.
“He began his career at Barclays, where he rose to executive positions including Group Vice-Chairman and CEO of Barclaycard.”
Hoffman himself said: “Football has been central to my life as a fan, an administrator and in my business career, so it is an honour to join the Premier League as Chair.
“During my time at the Football Foundation, I saw how the growth of the Premier League, to become the world’s most-watched sporting competition, helped it play an increasingly pivotal role in communities across the country.
“Now everyone in football, at home and abroad, is coming together to support one another through the Covid-19 pandemic. I am convinced this spirit of togetherness will help the game we cherish, and the Premier League, endure long into the future.”
Chelsea chairman Bruce Buck, who heads the Premier League Nominations Committee, said: “Gary was the outstanding candidate in an extensive and highly competitive search process, and we believe he will form a strong partnership with our Chief Executive Richard Masters, helping to guide the League while promoting new ideas and strategies.
“Gary has proved over decades, as an executive and a board leader, that he has the character to steer world-renowned organisations through both good times and crisis situations.
“At a vital moment in our history, Gary’s knowledge and skills are sure to help us through this very difficult period.”
Hoffman will work alongside chief executive Richard Masters, who was appointed by the Premier League last December.