Mowbray, who was born in nearby Saltburn and captained Boro during a successful nine-year spell between 1982-1991, succeeds Gordon Strachan after he resigned from his post at the Riverside last Monday.
The former Celtic, West Brom and Hibernian manager will be officially unveiled at a press conference called for 3.30pm on Tuesday.
Mowbray - a boyhood Middlesbrough fan - is charged with the task of turning his hometown club around in the same way he did during his inspirational playing days at Ayresome Park.
He guided Boro from liquidation to successive promotions from the old Division Three to the top tier in English football, making over 400 appearances before being sold to Celtic for ¦pound;1million.
Chairman Steve Gibson, who is also a lifelong Boro fan, will be hoping Mowbray can work his magic on the current crop of players who currently find themselves a lowly 22nd in the npower Championship after a disappointing start to the season.
Their 2008/09 relegation from the Barclays Premier League was followed up with a stable but less than impressive 11th-place finish in the Championship last term.
Mowbray will be assisted at the Riverside by Mark Venus, who has also been his right-hand man during his managerial spells at Easter Road, The Hawthorns and Celtic Park.
Source: PA
Source: PA