The 76-year-old ex-England spinner succeeds lifelong Worcestershire fan and former Governor of the Bank of England, Lord Mervyn King of Lothbury.
Lancashire-born Gifford takes up office, for two years, from 22 March.
"This club has always been close to my heart," said Gifford, who finished his playing days in 1988 with Warwickshire, including three years as skipper.
"For me it is a great honour to be asked to be president. This place has got fantastic memories.
"My enthusiasm for cricket is as strong as ever," added Gifford, who still has a part-time role with the county as spin bowling coach. "I still love coming down to the ground. I will do everything I can to ensure it is a successful two years as president and I hope the success I enjoyed as a player will be repeated by this talented squad we have here now."
As well being a key member of the 1964 and 1965 County Championship winning sides, Gifford captained Worcestershire to the title in 1974 - and to the first of the county's three Sunday League wins, in 1971.
Worcestershire have appointed former captain Norman Gifford as the club's new county president.