Wheeler replaces Dean Brennan who left Ricay this week following 'differences that could not be resolved'.
Jamie O'Hara also returns to the club as player/assistant manager having also left last month.
The ex-Maidstone United boss will be in familiar surroundings at the AGP Arena having left the club back in September.
In a statement on the club's website, Wheeler admitted he always had a job to finish at the club.
"I have unfinished business here, I’m not too proud to let my ego get in the way of business, I never have been," he said.
"I’m looking forward to being back and hopefully doing what’s needed to start pushing Billericay back up the table where they should be."
O'Hara admitted he can't wait to get back into the swing of things at the Essex-based club.
"I’m excited at the prospect of both being back as both a player and a coach," he said.
"Working alongside Harry and Glenn will be a great experience for me and one I cant wait to get going with, I have a lot of love for the club and I’m looking at hitting the ground running and get some positivity back both on the pitch and amongst the fans."
The former Spurs midfielder will take control of first-team duties tomorrow at Concord Rangers, with Wheeler taking full control from Monday.