The former Bradford and Wigan boss recently left Championship strugglers Derby and takes over from Jimmy Mullen, who was sacked on January 10.
John Schofield was placed in caretaker charge for the 1-0 defeat by Peterborough but has since been relieved of his duties in preparation for the new arrivals.
Hutchings told the club's official website: "This has always been a family-orientated club and I am looking forward to being part of it again.
"It's a great challenge but there is a nice blend of youth and experience here and I can't wait to get started.
"I give 100% in everything I do and I jumped at the chance to come here. It's a mouth-watering prospect and it's great to have Martin O'Connor alongside me.
"He's an enthusiastic character, like myself, and hopefully together we will bring success to the club."