The 55-year-old, who played his county cricket for Middlesex whose home is the MCC-owned Lord's Ground, will assume his duties on October 1.
He was chosen by the current President, Mike Griffith, who announced the appointment at the Club's AGM this afternoon.
Gatting will serve as President during a momentous year for both Lord's Ground and Middlesex.
MCC - who revised the laws of cricket in 1788, reissue them from time to time and hold the copyright to them - will celebrate the Bicentenary of Lord's in 2014, and Middlesex the 150th anniversary of its formation.
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He was appointed England captain in 1986 and, although he managed to win only two of his 23 tests in charge, they were the two that secured England's Ashes victory in Australia in 1986-87.
He also captained England to the 1987 World Cup final against Australia but his ill-judged reverse sweep which saw him caught off Allan Border's first ball was the pivotal moment in the Australians winning the trophy.
He tarnished his image further in 1990 when he led a rebel tour of South Africa - which was still seen as a pariah to official tours because of the apartheid regime - but regained his place in the England team after serving a three-year ban.
He has, though, since retiring as a player in 1998 proved himself to be a highly capable administrator in the sport.
"Few people are so closely identified with Lord's as Mike Gatting, and I am therefore delighted that he accepted my invitation to serve as President of MCC," he said.
"He made Lord's his home for Middlesex, and made more appearances for the county than any other player.
"He was an excellent and a particularly brave batsman for England, and he has continued to serve cricket with a dedication and passion that is unstinting for both ECB and MCC.
"Mike's absolute priority is the good of cricket - he cares for and thinks deeply about the game. He has already done so much for MCC and Middlesex - it is fitting that someone of his cricketing stature should be President during this great Ground's Bicentenary in 2014.