Maguire, 37, will return to Australia having been the Head Coach of the Wigan Warriors for the past 18 months, leading the English club to the Super League Championship in his first year as Head Coach.
“We’re very pleased to have Michael joining us for our next three premiership campaigns and hopefully many more successful years to follow,” Mr Richardson said.
Coach Maguire said he is happy to be returning home with a club such as South Sydney.
“The Rabbitohs have a strong playing list, renowned history and big expectations. I look forward to working with everyone in the organisation to drive towards the success the Club desires,” Maguire said.
“I wish John all the best for the 2011 season and look forward to starting a new challenge in November.”