Molina, who did not give details of any deal with Matthaus or say when he would arrive in the country to sign a contract and begin work, made the announcement at a news conference after the team's 1-1 home draw against Lanus.
One of Argentina's so-called 'Big Five' clubs with seven league title to their name, though only one since 1966, Racing are joint bottom of the Apertura championship on five points from 10 matches and have yet to win this season.
"We've come to the conclusion that given the squad's low spirits, Lothar Matthaus is someone who can work very well with his experience and knowledge of world football," Molina said.
"We believe he can give the squad a mental shock which today is what they need most."
Local media said Matthaus, who captained West Germany to World Cup victory in 1990 but has had little success as a coach, would arrive on Monday in time to watch Racing's next league match away to Newell's Old Boys on Tuesday.
Ricardo Caruso Lombardi resigned as Racing's coach after their 2-1 home defeat by Boca Juniors two weeks ago. They have been under caretaker Juan Barbas since then.
Matthaus, very successful as a player mainly with Bayern Munich and Inter Milan, has coached several clubs and the Hungarian national team and had a brief spell in South America with Brazil's Atletico Paranaense in 2006.
The 48-year-old's only title was with Austria's Salzburg in 2007 in conjunction with Giovanni Trapattoni, his former coach at Inter, but was fired soon afterwards.
