Gazzayev, 54, led CSKA to three Russian premier league titles since 2003 and the UEFA Cup in 2005 but quit the army club at the end of last season.
In Kiev, he replaces fellow Russian and long-time friend Yuri Semin.
With Semin at the helm, Dynamo clinched their 13th league title with three games to spare earlier this month but lost to their arch-rivals Shakhtar Donetsk in the UEFA Cup semi-finals. Shakhtar beat Werder Bremen in last week's final to lift their first European trophy.
Dynamo Kyiv hosts second-placed Shakhtar in the final game of the league season on Tuesday.
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