The renowned pace spearhead, whose speed saw him nicknamed "White Lightning", temporarily fills the vacancy left by Craig McDermott who 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.
"He brings a wealth of experience with him and our guys will benefit greatly from having him around," he said.
"His Test record speaks for itself and he was without a doubt one of the most formidable bowlers of his generation."
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Donald, who has previously coached with England, New Zealand and South Africa, took 330 Test and 272 one-day international wickets during an illustrious career for South Africa that spanned 10 years.
Former Australia batsman Law, who has previously coached the Sri Lankan and Bangladesh national sides, was drafted in for the Test component of the Sri Lanka tour while current batting coach Greg Blewett takes 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 is the acting bowling coach for that tour.
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.