Ponting, who played 560 times for Australia between 1995 and 2012 and now works as a television pundit, is also head coach of Major League Cricket franchise Washington Freedom. Washington won the MLC earlier this year in Ponting’s first season in charge.
At Delhi, he reached the play-off stages three times as head coach but failed to do so in any of the past three season.
Punjab have been led by former England coach Trevor Bayliss in the past two seasons and finished ninth out of 10 franchises this year.
No reference to Bayliss’ future was made in the announcement of Ponting’s appointment.
England players Sam Curran, Liam Livingstone, Chris Woakes and Jonny Bairstow were part of Punjab this year, although there is a ‘mega auction’ before the 2025 season that gives franchises a greater opportunity to refresh their squads.
Punjab chief executive Satish Menon said: “We are delighted to have Ricky to guide and build our team for the next four seasons.
“His insights from his international coaching stints and as a television pundit would be vital in identifying talent ahead of the mega auction this year.”