The 1998 and 1999 world champion has joined Aces Management Group, where he will work alongside his long-time manager Didier Coton, the director of Aces Associate Group.
Hakkinen's role will be to find and nurture new driving talents.
"This is an extremely challenging new venture and a big responsibility," said Hakkinen, who retired from Formula One racing at the end of the 2001 season.
"I am delighted to continue working so closely with Didier who has been, and still is, an important part of my professional success.
"From my own experience I understand what it takes to arrive at the top and how vital it is to a sportsman's career to have a close group of trusted professionals around him. I can't wait to share what I learned winning two world titles, with ambitious and talented young drivers."
Coton added: "We, at Aces, are very excited to extend our co-operation with Mika and to be part of a new chapter in his career.
"His talent as a driver is beyond question and he will bring to his new role all the qualities of dedication, focus and fast thinking he needed to become a double world champion. I also know how eager he is to share his knowledge with young future champions.
"We have finalised our plans over the past few weeks. It's brilliant to have him involved like this."
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