King, who formerly coach the Calgary Flames and Columbus Blue Jackets, will take over a team that is last in the league with a 2-10-6 record. He will replace Lars Bergstrom, who was fired by the former European champion team earlier in the week.
"The board felt it had to do something," said veteran defenceman Johan Norgren. "We have to start winning now."
King has also coached Team Canada in the Olympics and the world championship and was an assistant with the Montreal Canadiens.
Most recently, he coached Russian league team Metallurg Magnitogorsk to a 29-point cushion in first place last season. But King entered this season without six of his top seven scorers from last year, including Russian centre Evgeni Malkin, who signed with the NHL's Pittsburgh Penguins.
He was fired suddenly by Metallurg after the team got off to a 3-4-1 start this season.
King, who was the first North American coach in the Russian Super League, is expected to be on the bench Tuesday when the Redhawks play Skelleftea on home ice.