Ogunbote led Remo Stars to a third-place finish last season after taking over at the beginning of the season.
He left the Sky Blue Stars at the end of the season after guiding them to the CAF Confederations Cup for the first time in their history.
Ogunbote is returning to Shooting Stars for his third spell, and he has been saddled with the responsibility of leading the Oluyole Warriors to a continental place.
He has had stints with the likes of Sunshine Stars, Enyimba and Enugu Rangers in the NPFL.
Shooting Stars finished in the 16th position on the NPFL log, a place above the relegation zone with 48 points.
Meanwhile, Former Shooting Stars coach Edith Agoye has been named as the new coach of Sunshine Stars.