The Former Ghana international replaces substantive coach Annor Walker who is indisposed and has been excused by the club.
Walker was not on the bench for Olympics' last two games against Aduana Stars and AshantiGold which ended in defeat.
A statement via the Great Club's official twitter space read;
'' The new man is here. #WelcomePreko #OlyDade #EmashieKpintinnnn''
Preko coached Ghanaian giants Accra Hearts of Oak as a caretaker in 2016.
The Former National star was appointed as the substantive coach for the National U20 team, the Black Satellites. in 2019.
He will be assisted by former Olympics player-coach Godwin Attram.
He will take charge of his first training session today at the McDan La Town Park after his formal introduction to the playing body by Olympics CEU, Oluboi Commodore.
Olympics currently sit seventh on league standings with just 11 points over 21 possible.