The Pools announced the move on Tuesday afternoon, saying the ex-AFC Fylde boss will join "once contractual issues have finally been resolved at his previous club."
Challinor was sacked by fellow National League side AFC Fylde last month after eight years at the Coasters.
And while he won't be in the hotseat for tonight's game with Solihull Moors at the Super 6 Stadium, he is set to meet with current caretaker boss Anthony Sweeney on Wednesday.
Hartlepool United are delighted to announce that we have reached agreement with Dave Challinor to join the Club as our new First Team Manager.
A statement on the club's official website reads: "Following an exhaustive process, we identified Dave as an individual who will bring the necessary experience of the National League as well as a work ethic, track record and proven leadership, which we believe are essential ingredients as we seek to mount a serious challenge for promotion.
Part of Dave’s remit will be to help develop the career of Antony Sweeney. He and Ian McGuckin have been simply outstanding in their work and commitment over the last few weeks and have improved things immeasurably. They will be an integral part of the structure of the Football Department under Dave.
"Dave will join the Club once contractual issues have finally been resolved at his previous club. In the meantime, he will attend this evening’s game and will meet with Antony Sweeney on Wednesday.
"We would like to take this opportunity to welcome Dave to Hartlepool, as well as asking fans to join us this evening in showing their appreciation to Antony and Ian who have both been simply magnificent."
Challinor's first game in charge could be Hartlepool's FA Cup game with Yeovil Town on Saturday.