Ex-Persepolis midfielder replaced Ali Daei in the Iranian football giant.
Daei was fired as Persepolis coach following the poor results in the team.
Persepolis is ninth in the Iran Professional League after seven weeks. The Iranian most-popular team has suffered three defeats so far.
Derakhshan has been without a team since 2013 when was dismissed as coach of Damash of Gilan.
The 55-year-old coach has already coached the team in 1994.