Tottenham Hotspur boss Redknapp was considered the favourite to lead the England football team, but the FA announced this week that Roy Hodgson has been handed the job.
At the BBC's press launch today for its Euro 2012 team, lead presenter Gary Lineker tweeted: "BREAKING NEWS! Harry Redknapp has after all got the big job at the Euros! He will be part of the BBC team."
Redknapp will join Jurgen Klinsmann, Clarence Seedorf and David James in the line-up, alongside regulars Alan Hansen, Alan Shearer and Lee Dixon.
"I'm really looking forward to working with the BBC team again on what should be a terrific tournament," said Redknapp, who rejoins the BBC after being involved in the 2010 World Cup coverage.
He will be based at the state-of-the-art studio at BBC Sport's new home at MediaCityUK in Salford. The team there will use the latest in augmented-reality virtual graphics, Motion Analysis and VizRT, to "bring the atmosphere and flavour of every live game to audiences across the country", according to the BBC.
ITV will kick off England's campaign with the group stage clash against France on June 11. The BBC will show the middle group game against Sweden on June 15, and ITV will close the pool stage campaign with the match against the Ukraine on June 19.
Should England make it out of the group, the BBC will broadcast the team's first knockout match. The final, on July 1, will be shown simultaneously on BBC One and ITV1.
Jake Humphrey will lead the BBC's coverage from Poland and Ukraine, while Gabby Logan will bring all the news and updates direct from the England camp.
Alongside the TV coverage, there will also be extensive coverage on Radio 5 Live, 5 Live Sports Extra and BBC Online.
Philip Bernie, the head of TV Sport, said: "We are really looking forward to our top team covering the European Championships.
"We have an excellent line-up of talent to present and comment on all the action and hope to see England progressing as far as possible, with the BBC showing all their knockout matches live."