The Red Wings tweeted that there will be a press conference at 3:00 p.m. Friday with team owner Christopher Ilitch, general manager Ken Holland and Yzerman. Eight of those seasons he served as the Lightning's general manager.
He had been general manager of the Tampa Bay Lightning since 2010 before stepping down from the role in September and moving to a senior advisory position.
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"There's a lot of work to be done", Yzerman said. It's up and down for an organization, it takes time and I caution everyone to temper the excitement - that this is going to take time.
With 1,755 career points, three Stanley Cups and a multitude of prestigious awards, there is no shortage of memorable Yzerman moments wearing a Red Wings sweater. Steve Yzerman has re-joined the Detroit Red Wings.
United Kingdom retail sales surge as consumers ignore Brexit and keep shopping
But economic data has failed to move the pound significantly in recent weeks as Brexit negotiations dominate the news agenda. At 0800 GMT sterling was down 0.1 percent against the dollar at $1.3023 and flat against the euro at 86.54 pence.
Yzerman tried to tone down the excitement his hiring has generated. This season, Tampa Bay tied the Red Wings' record for most victories in a single season (62).
Yzerman went into management immediately after retiring and Holland was his mentor in the front office. He began his post-playing career as vice-president of hockey operations under Holland in Detroit and was part of the organization as a Stanley Cup victor in 2008 before leaving to lead the Lightning. "I'm very grateful to the Ilitches, both for their support when I left to become General Manager of the Lightning, and for their kindness in welcoming my family and me back to the organization". He is regarded as one of the best leaders in National Hockey League history.
Yzerman, who spent his entire Hall of Fame playing career with the Red Wings and was captain when they won the Stanley Cup in 1997, 1998 and 2002, was hired as an adviser to Holland after retiring as a player in 2006.
"I knew he would want to get back home", Bowman told The Associated Press. "It's time. Home is home".