The news comes after the club announced the departure of Curtis Woodhouse on Thursday.
Jarrett, who has enjoyed two spells as the Seasiders' manager, will return as the club currently sit in the relegation zone in the Northern Premier League.
Rejoining him at Mount Pleasant will be former assistants Ian Clarke and Dave McTiernan.
On returning to the club for a third spell, Jarrett said: "I am delighted to be back for a third time. The second spell I was only gone for maybe a week, but this time I have been out for four months. I feel refreshed. I feel ready to go again.
"It normally doesn’t feel long, 4 four months out of football, but with 15-20 years in management it can actually feel like a long time.
"Especially a club close to my heart. I have been here eight years and won everything I won, year after year. And when I moved on I made my decisions to move on from the club.
"I thought it would be easy for me to just go back into my normal life and then wait around for my next chapter and obviously the scenario the club have found themselves in now at the present minute hasn’t been fantastic watching.
"Watching from home and seeing the club where they are. It is one of them. I am delighted to be back and I am going to try and do my best to see what I can do while I’m here to get us out of where we are."
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