The 46-year-old will join Airdrie's coaching staff on a full-time basis ahead of Saturday's League One match against Montrose.
Cameron, who played for Raith Rovers, Hearts, Wolves, Coventry and Dundee among others, scored the opening goal as the Jambos defeated Rangers 2-1 to lift the Scottish Cup in 1998 and played for Scotland 28 times, scoring two goals.
He had managerial stints at Cowdenbeath and Berwick Rangers and most recently had been working as a coach with Lowland League side Caledonian Braves, formerly Edusport Academy. Cameron who succeeds Mark Fitzpatrick who left Airdrie last week, told the club's website: "It's a challenge because there's a clear ambition here to get up the leagues, so hopefully I can help to get the club moving in the right direction.
"I'll bring enthusiasm and 100 per cent effort to the job. I know what is required to succeed at this level, having won promotion out of this league with Cowdenbeath, and it won't take me long to get up to speed."
Murray said: "I'm really happy to get Colin in, I've known him for a number of years having played against him, managed against him and been in Scotland squads with him."