"Roberto Sensini reached an agreement at midday with the Colon management and after directing his first practice he will be presented to the media at a news conference," the club from Santa Fe said on their website.
"We are bringing in a coach who fits the Colon project," it quoted Batistuta, who has been part of the club's management since December, as saying.
Sensini, who played for Argentina at three World Cups between 1990 and 1998 including the last two with Batistuta, replaces Mario Sciacqua who resigned at the weekend after Colon's 2-0 defeat at All Boys in their second match of the Clausura championship.
Sciacqua steered Colon to joint second place in the Apertura championship in December but his team began the Clausura poorly with a 0-0 draw at home to Arsenal.
The 45-year-old Sensini's first match in charge will be Saturday's home meeting with Olimpo at the Elephant's Graveyard.
The former defender nicknamed "Boquita" began his playing career at Newell's Old Boys in 1986 before spending more than a decade in Italy with Udinese, Parma, helping them win the UEFA Cup twice, and Lazio, with whom he won the Serie A title in 2000.
Sensini began his coaching career with Udinese in 2006. He returned to Argentina in 2007 to take charge at Estudiantes and moved on to Newell's in 2009, finishing a close second in that season's Apertura championship.
He has been out of work since resigning from Newell's last April.
