The former Argentina playmaker returns on the same terms as his former contract which was brought a close when he walked out in July on the opening day of the 'Final', the second of two championships in the season.
The 34-year-old quit the night Boca lost the South American Libertadores Cup final to Corinthians of Brazil in Sao Paulo.
Falcioni's contract was not renewed at the end of the "Inicial" championship in December, paving the way for the return of the club's most successful coach, Carlos Bianchi, who steered Boca to a string of titles with Riquelme as his midfield general between 1998 and 2001.