The club will introduce the 20th manager in club history at a Monday news conference at Oriole Park.
"After conducting an intensive search, I believe that we have found the ideal leader for the next era of Orioles baseball," general manager Mike Elias said in a statement. "Brandon's deep background in player development and major league coaching, most recently helping to shape the Cubs into a world champion, has thoroughly prepared him for this job and distinguished him throughout our interview process."
Hyde, 45, became the Cubs' bench coach last season after previously serving as first base coach on Joe Maddon's staff. He managed in the Marlins' minor league system for five years (2005-09) and has served on the major league coaching staffs of the Marlins and Cubs.
The Orioles parted ways with former skipper Buck Showalter and executive vice president of baseball operations Dan Duquette after a franchise-worst record of 47-115 in 2018. Showalter and Duquette each had contracts that were set to expire at the end of October.
--Field Level Media