The 36-year-old Yadav's name was recommended by All India Football Federation president Praful Patel, and it was unanimously accepted by the members in the executive committee meeting in Mumbai today.
Besides, the country's apex football body also decided to include Maharashtra's Shah as the second woman member of the executive committee.
Yadav, who made his India debut in 1999, has plied for various clubs such as the erstwhile Mahindra United and Churchill Brothers as striker.
The committee was apprised of the meeting held in Kuala Lumpur yesterday with all the stakeholders including FIFA and AFC.
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As per the recommendations of the AFC, a commission would be instituted to find a medium and long term solution taking into account the history, commitment and contributions made for more than 100 years, as well as the new skills.
The AFC feels that this road map can be prepared by the end of the year.
However, considering the uniqueness of the forthcoming season wherein India is hosting the U-17 World Cup till October 28, and the fact that the national team would be playing nine more international matches (including the AFC Asian Cup Qualifiers), it is imperative that India put their best foot forward to qualify for the AFC Asian Cup.
The AIFF will discuss this with stakeholders before a final decision is reached.
The committee agreed to the proposal to play the SAFF Championship in Bangladesh from May 1-12, 2018. India had earlier sought postponement of the championship owing to its busy schedule.
It approved the proposal of implementing a fine of Rs. 1 lakh for per criteria missed by the clubs in the AFC Licensing criteria and allowing them to play as is the current norm in the AFC.
Meanwhile, Joy Bhattacharya, Project Director of FIFA U- 17 World Cup, provided an update on matters relating to the tournament.
Urging all stakeholders for their support, Patel stated: "AIFF is a democratic organisation. There are a lot of developments taking place and we are all looking forward to the successful hosting of the FIFA U-17 World Cup. We need your continuous participation and support.