The tourists will head into the five-match ODI series off the back of a disastrous 3-1 Test defeat, which was headlined by innings defeats in the fourth and fifth matches.
India led 1-0 after two Tests but quickly collapsed, and in an attempt to fix the team's woes, they have drafted in ex-skipper Shastri, who will assume a position above head coach Duncan Fletcher.
Shastri has coached India once before, in 2007 after their group-stage exit at the ICC World Cup, and the 52-year-old has returned to his nation's aid once again, as two of Fletcher's counterparts have been "given a break".
A BCCI statement read: "In culmination of the discussions among all the office bearers of BCCI over the last couple of weeks, the BCCI has decided to avail the services of former India captain, Mr. Ravi Shastri to oversee and guide the Indian cricket team for the forthcoming one-day international matches against England.
"Mr. Duncan Fletcher will continue as head coach while Ravi Shastri will be overall in-charge of cricket affairs of the Indian team.
"In their continuing efforts to re-energise the support to the team, the BCCI has given a break to the bowling coach Mr Joe Dawes and the fielding coach, Mr Trevor Penny for the one day series and appointed Mr Sanjay Bangar, former Indian all-rounder and former India fast bowler Mr Bharat Arun as the assistant coaches of the team.
"Mr R.Sridhar will join the support team as the fielding coach for the one day series."
The first one-day international between England and India in Bristol on Monday.