The former Scotland international made 269 appearances for the Toffees between 1999 and 2007.
He left for SPL giants Rangers in January 2007 and was still turning out for the Ibrox outfit at the age of 40.
Weir agreed to terminate his contract with the Glasgow-based outfit in January and took in a spell training with Sheffield United before being offered a route back to Goodison Park.
Toffees boss David Moyes has added the vastly-experienced defender to his backroom team, with much of his time set to be spent with the club's reserves.
Weir is delighted to be back in familiar surroundings and feels the time is right for him to take his career in a different direction.
"I had five great years in Glasgow and loved every minute of it but it is nice to be back and even after only a short time it already feels like home," he told the Liverpool Echo.
"The manager has always said there was a role here for me when I finally decided to come back.
"I was always around Finch Farm and kept in touch with him and he has given me this opportunity to help Alan Stubbs and Andy Holden with the reserves.
"I think I was at the stage where it was the right time for me. Hopefully it will develop into a good role and I can spend a lot of time here and learn from good people.
"I am glad to be here and will do whatever the manager requires."
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