He is joining the Bruins as director of men's basketball operations. Coach Ben Howland announced the hiring on Monday.
"He's a Bruin through and through having graduated from UCLA and brings a wealth of knowledge and energy to the program," Howland said in statement released by the program.
Edney is best known for his full-court dash with 4.8 seconds remaining to score the game-winning layup against Missouri in the second round of the 1995 NCAA tournament. The Bruins went on to win their 11th national title that year.
Edney was a three-year starter for the Bruins and is No. 2 in career assists.
He played four seasons in the NBA with Sacramento, Boston and Indiana, and played in Europe before retiring last year.
Information from The Associated Press contributed to this report.