Wilder left the South Yorkshire club after losing out in dramatic fashion to Sunderland in the Championship play-off final.
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Sunderland scored twice in the last 15 minutes to earn a 2-1 win over Wilder’s side, securing a place in next season’s Premier League.
Former Hull City boss Selles, 42, has now been confirmed as Wilder’s replacement, signing a three-year deal with the club.
The official statement from the club read: "Sheffield United have moved swiftly to fill the managerial hot seat at Bramall Lane, appointing a boss with Premier League and Championship experience.
“Ruben Selles is the new Blades manager and moves to S2 having signed a three-year deal with the club. Further coaching appointments will follow in due course."