Coleman's assistant Osian Roberts, former Wales striker Craig Bellamy and Mark Bowen were also interviewed.
An official statement by the FAW confirmed the appointment on social media
"I am so proud to have been given the honour of managing the national team.
The challenges that we have ahead of us with the Nations League and qualification for Uefa Euro 2020 excite me a great deal.
"I can't wait to start working with the players as we prepare for those crucial games later in the year."
Giggs had long been a target for the Football Association of Wales (FAW) and was the favourite for the role once Coleman departed after Wales failed to qualify for the 2018 World Cup.
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