The 41-year-old, previously first-team coach at Bournemouth, replaced Alan Knill on Monday and inherited a team sat 23rd in the table, just one point above basement side Northampton.
"This is a great opportunity at a great club," Hargreaves told Torquay's official website. "It's a big challenge and I'm prepared for that. I am confident we can pull away from the relegation zone."
Hargreaves, who led Torquay back to the Football League as captain in 2009, gets his managerial career up and running at AFC Wimbledon on Saturday.
- Sports & Recreation
- Alan Knill