The 40-year-old has been a Player Development Coach at the club since he decided to hang up his boots back in 2023.
Chiellini was a key player during his time at LAFC, making 45 appearances and popping up with one goal as he lifted the 2022 MLS Cup.
He has now become a member of the ownership team at the club, to which he expressed his excitement.
"Joining the LAFC ownership group is a great honor for me. When I arrived here three years ago as a player, I immediately felt that there was something special about this club," he said in a statement.
"It is an ambitious organization, built by extraordinary people and supported by a community that truly makes you feel at home.
“That is why, last year, I expressed my desire to become an owner, and now I’m proud to continue this journey and give my support to a project I deeply believe in."