The Bolton-born former goalkeeper made over 500 appearances for several clubs during a professional career that spanned over 20 years.
He started his career at Manchester United, turning professional in 1990, before playing for the likes of Bury, Lincoln City, Darlington, Notts County, Sunderland, Chesterfield, Rotherham United and Wigan Athletic.
He hung up his gloves in 2013 and became the goalkeeping coach at the Latics before moving to the New York Stadium in 2017 to take up the same role with former club Rotherham.
Manager Keith Hill said: “Recruiting a high calibre goalkeeping coach like Mike is a testament to him wanting to be here. He was in a great job at Rotherham but with him being from Bolton he wants to be part of the club's future.
"As a manager, you need staff who know and support your message and are able to deliver it to the group of players. I believe this is what Mike will do.
"Having played and coached in the Premier League, he brings a wealth of experience with him and we are delighted with his appointment."
Pollitt added: “I grew up in the town, played in the Bolton Boys Federation and watched Bolton Wanderers home and away. Phil Neal even came around to my house when I was 12/13 but I ended up signing for Manchester United when I left school.
"I was gutted that I was never able to play for Bolton but I had some enjoyable moments playing against them throughout the years.
"When Keith and David asked me to come to the club I had no hesitation. It's taken me over 30 years to get here but I'm delighted that I'm now part of the staff."