The Athletic first reported the news.
Hyde, 45, replaces Buck Showalter, 62, who was let go after the Orioles finished a franchise-worst 47-115.
Hyde previously had served as the Cubs' director of player development and also was their first-base coach, before becoming manager Joe Maddon's bench coach last season. His responsibilities under Maddon included running spring training over the past several years.
Hyde also served as the Cubs' bench coach in 2014 when Rick Renteria was manager.
Hyde interviewed for managerial openings this winter with the Rangers, Twins, Angels and Blue Jays before landing the Orioles job.
Baltimore cleaned house in the offseason, parting with executive vice president Dan Duquette and Showalter.
Mike Elias was hired as the team's new executive vice president and general manager, and he initiated the search process that led to Hyde.
ESPN's Jesse Rogers contributed to this report.