Aitken, 36, scored 33 goals in 151 appearances for the Blues as a player, and has been working towards his 'B' Licence. He has now been sanctioned by the SFA to take over the role.
The former midfielder, affectionately known as 'Tiff', said: "I've been at the club 5 years now, and I'm excited about taking on this new role".
Manager Brian Reid was equally pleased: "I've known Chris a long time and when Lee (Mair) left the club I saw him as the natural choice to take over. Obviously we had to get it ratified by the authorities before it could be completed, not to jeopardise our club licensing position, but I'm delighted that it's now all finalised".
The SPFL today announced the fixtures for the 2016/17 Ladbrokes League 1 season. Stranraer will have a tough start, facing the two relegated Championship sides over consecutive weekends.
A return to the scene of our playoff semi final triumph will see us take on Livingston at Tony Macaroni Arena on Saturday 6 August. Jamie Longworth makes his return to Stair Park the following weekend, as we welcome Alloa Athletic.
View the full fixture list.