Pirates chairman Irvin Khoza and Mbele met on Thursday. It was decided that Mbele will be in charge of Pirates' administration - the job he excelled in before leaving the club in 2011.
Mbele returns after Senzo Mazingiza quit last week to join Dikwena as general manager of football after being offered a five-year contract.
Ironically, when Mbele left Pirates he went to work for Dikwena.
"We are delighted to confirm that Floyd is coming back home. He starts work on August 1," Khoza said.
"Floyd is going to do the same job he did when he left the club. The man is a hard worker. With him in charge, I have no reason to worry because he does everything. He also has a great relationship with colleagues and players.
"Floyd does not just restrict himself to the position of administration. He believes in teamwork and has a passion for his job."
Mbele confirmed his return to The Buccaneers.
"I had a lengthy discussion with Dr Khoza about my return. They are one of the giants of African football. I have fond memories of working for this club. We won the treble during the 2010/11 season. We will work together for the success of Pirates. We must win trophies again."
Pirates will parade their new signings when they meet Lesotho giants Matlama in the King's Cup in Maseru on July 14.
Their new recruits include striker Lennox Bacela and midfielders Jackie Motshegwa and Joseph Molangoane.
On their preparations for the African Champions League group stages' opening match against AC Leopards from Congo Brazzaville at Orlando Stadium on July 20, Bucs assistant coach Tebogo Moloi said: "We are in possession of their recent DVDs and I must say they are a good team. Our preparations are going on very well, though."