Two days after parting ways with Mile Sterjovski, the Bulls confirmed Ognenovski, most recently football director of NPL Victoria side Preston Lions FC, as his replacement.
The 47-year-old takes up his first top-flight head coaching role less than two months out from the start of the season and has signed until the end of the 2027-28 campaign.
"After speaking with the people involved, it became clear that we share the same desire to build a strong football program, establish high professional standards and create an environment in which players can perform and develop," Ognenovski said in a statement.
"I believe there is enormous potential here, and the opportunity to help shape the club's next chapter was one I was extremely excited to accept.
"Bulls fans can expect relentless effort, total commitment and an entertaining brand of football. We will play forward with bravery and purpose.
"Above all, we want to build a team that competes in every moment, makes its supporters proud and reflects the values of the club every time it takes the field."
Sterjovski, who won the 2024 Australia Cup, had agreed to a mutual termination of his contract two months out from the start of the season.
As a player, Ognenovski started his career in the NSL, spent time overseas then returned to the A-League and played for the Roar, Adelaide and Sydney FC.
Capped 22 times for Australia, the central defender won the Asian Champions League with Seongnam Ilhwa Chunmawas.
Ognenovski was subsequently crowned the 2010 Asian Footballer of the Year by the Asian Football Confederation.
Macarthur kick off their campaign at home to Perth Glory on October 17.
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