The former Orlando Pirates and Zamalek coach is said to have signed a two-year deal with FAZ.
He is said to have beaten Portuguese-born Mozambican Abel Xavier and Belgian Ivan Jacky Minnaert for the vacant Chipolopolo job, which has been vacant since the departure of Belgian coach Sven Vandenbroeck in February 2019. Aggrey Chiyangi has been acting in interim capacity.
Sredojevic has been without a job since December after he was fired by Egyptian giants Zamalek.
He was axed after only a few months on the job.