The former pace spearhead nicknamed "White Lightning" is filling in after Craig McDermott stepped down as bowling coach at the end of the World T20 in India.
Head coach Darren Lehmann said it was a massive coup to secure Donald's services for the Test, one-day and Twenty20 tour from July to September.
"He brings a wealth of experience with him and our guys will benefit greatly from having him around," Lehmann said.
There was media speculation on Wednesday that Donald could stay on for this year's home series against South Africa, but this was not confirmed by Cricket Australia.
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Donald, who has previously coached with England, New Zealand and South Africa, said if the job was offered full-time, he would take it.
"If it does happen to be a long-term thing, then I would absolutely love to do that," the South African, who took 330 Test and 272 one-day international wickets during an illustrious career, told the Cricket Australia website.
Cricket Australia are still considering a full-time replacement for McDermott, with their former Test fast bowler Jason Gillespie, who is head coach at English county Yorkshire, a top target.
Along with Donald, former Australia batsman Stuart Law, who used to coach the Sri Lankan and Bangladesh national sides, was drafted in for the Test component of the Sri Lanka tour.
He will cover for current batting coach Greg Blewett, who is taking leave for the birth of his second child.
Before that, they have a one-day tri-series in the West Indies, which also includes South Africa.
Former Tasmania fast bowler Adam Griffith will be the acting bowling coach for the tri-series.