Briatore's choice is something of a surprise - it had been reported he was considering appointing himself as Iain Dowie's replacement after the latter left Loftus Road after just 15 games.
Player-coach Gareth Ainsworth had been placed in temporary charge and will stay at the club as part of the coaching staff under Sousa, who will be in the dug-out for Saturday's Championship match against Watford.
Briatore added: "I would like to thank Gareth for his contribution as caretaker and confirm that he still has a very important role to play at this club. He is QPR through and through and will work very closely with Paulo as we build for a successful future.
"Paulo is a very good appointment. I have been keeping track of his work for the last few months and he is the right man."
Briatore and Formula One supremo Bernie Ecclestone completed their takeover of the club just over a year ago and were later joined in their investment by Indian steel magnate Lakshmi Mittal.
Back then, Italian Luigi de Canio was in charge but his time at Loftus Road was cut short after only 35 games and he left in May this year.
Although his reign was brief, De Canio won over the club's supporters, who may be sceptical about Sousa's appointment given his lack of management experience and knowledge of the English game - though he does at least speak the language.
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