The Posh only parted company with Cooper on Monday, but have moved quickly to install his replacement.
Cooper, who replaced Darren Ferguson at the helm on 16th November, was shown to the door after just 13 games in charge.
During that time he was unable to guide Peterborough off the foot of the Championship table, claiming only one win.
The Posh board have decided a change in direction is required to help aid the club's cause and have decided to give Gannon a shot at bringing about a reversal in fortune.
The 41-year-old has been out of work since leaving Motherwell at the end of December.
He has prior experience of working in England from a four-year spell in the hot-seat at Stockport County between 2005 and 2009.
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