The 41-year-old spent eight years on the playing staff at Goodison Park at the height of his playing career.
After making 269 appearances for the club, he left for Rangers in January 2007.
He is now back on Merseyside after being offered the opportunity to join David Moyes' backroom team.
Much of Weir's time will now be spent on the training ground, but the Toffees have confirmed that he will also be offering his vast experience to the club's second string.
"David's returning to us in a coaching capacity," Moyes told the club's official website.
"He will help out Alan Stubbs with the reserves and he will also play in the occasional reserve game to help support some of those younger players coming through.
"It will be good to have him around the place. He is a great professional and someone all the players at the club can look up to.
"He did great for us when he was a player here and we are looking forward to being able to work with him again as he starts out in his coaching career."
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