Hargreaves, who made over 500 appearances in his playing days, will be responsible for overseeing the development of the Cherries' young pros.
The 40-year-old moves to Dean Court after a spell at Exeter, where he played a part in the development of teenager Sean Gross, who signed for Manchester United last week.
The development squad was introduced this summer to provide a smoother transition for the club's youngsters progressing from the youth team to the first team.
The squad will include the likes of Dan Strugnell and Jayden Stockley, as well as Josh Wakefield, Ryan Case, Alex Moth and Harrison Gilkes, who were offered their first professional deals at the end of last season.
The development squad will also have their own dedicated fixture list, and have around 35 fixtures already lined up for the upcoming campaign against non-league outfits and development squads at other professional clubs.
Hargreaves fact file: From Grimsby to Dean Court
- Chris Hargreaves was born in Cleethorpes, Lincolnshire in 1972.
- As a player, he is perhaps best known for his four-year spell at Northampton Town between 2000 and 2004, where he was voted Player of the Year in 2002.
- He ended his playing career at Oxford United where he had two spells, playing over 100 times for Torquay in between.
- In May 2009, he captained and scored for Torquay in their 2-0 Conference play-off final win over Cambridge United, sending the Gulls back into the Football League.
- On his return to Oxford in January 2010, he won promotion to League Two for the second successive season.
- Hargreaves also played for Grimsby, Hull, Hereford, Plymouth and Brentford in a 21-year career where he made over 650 appearances.
- He played as a midfielder and often as a striker, scoring more than 60 goals in his career.
- After he finished his playing career, Hargreaves opened his own family-run Sports Republic shop in Sidmouth, Devon.
- Appointed as development squad manager at Dean Court after a spell at Exeter.