Stankovic takes charge at Red Star Belgrade
It is the 41-year-old’s first time as a No. 1, having previously worked as an assistant coach for Italian club Udinese.
Stankovic played for Red Star between 1995 and 1998 before enjoying spells at Lazio and Inter.
He succeeds Vladan Milojevic, who cited fatigue after quitting the Serbian champions.
Red Star was knocked out of the Champions League after winning just one of its six group-stage matches, losing five.