The 65-year-old, who was already a member of the PGTI Board as its Vice President, was chosen unanimously and would be taking over from incumbent H R Srinivasan, whose tenure has come to an end.
Kapil is known to be a keen golfer, whose handicap was almost down to scratch at one time.
"It is an honour to become the President of PGTI, an organization with which I have now been associated for quite a few years. It is a player's body, and I am great friends with all of them and with whom I often play," Kapil said on his new position.
Kapil, who once nurtured dreams of representing India at the Asian Games when it was still open only to amateurs, also said that golf has been his passion for more than three decades.
"...and now it is the sport where I spend most of my time. I have been a vice-President and I am on the Board, so it's an honour to be chosen by the players to be the President. I promise to do my best as I always have."
"What gives me even greater pleasure is that I will be able to spend more time with my golfing friends and play a little more," he added.
Kapil has been at the forefront of trying to get new sponsors for PGTI and brought in one of the most lucrative events to the Tour, namely Kapil Dev Grant Thornton Invitational at the DLF Golf and Country Club, with a purse of Rs 2 crore (approx. $2,40,000).
Over the past few years, Kapil's celebrity status and his passion for golf has led to him being invited to major events like the Dunhill Links, where he played alongside other global celebrities.
"Golf is a great sport. You can play it till any age and it is an amazingly relaxing sport. I am busy with cricket often, but it a golf course I go to for relaxation. I am fortunate to be able to serve golf and I want to take it to new levels," he added.
India's top stars like Jeev Milkha Singh, Arjun Atwal, Jyoti Randhawa, Shiv Kapur and many others are his close golfing friends.
Kapil played cricket for India from 1978 to 1994.
One of the greatest all-rounders of all time, he played 131 Test matches and 225 one-dayers and led India to the 1983 World Cup win.
His 175 not out in 1983 World Cup is considered one of the finest innings in the annals of the game.
In Tests, He scored 5248 runs, including eight centuries, and took 434 wickets, which was then a world record.
He also scored 3783 runs in ODIs and and took 253 wickets in the format.