"Today is an important day for me as I return to the team that opened the door for me to western football and the national team," former FC Cologne and VfL Wolfsburg midfielder Munteanu told a news conference.
Munteanu, 44, who played for Dinamo between 1991 and 1993, guided Otelul Galati to their maiden Romanian league title and the domestic Supercup last year.
However, Otelul have made a poor start this season and Munteanu, who is the most capped Romania player with 134 international appearances between 1991 and 2007, resigned in August.
"I want to thank the fans for always being close to me," former Juventus defender Bonetti told reporters after reaching agreement with the club for the termination of his contract.
"I'm sorry that we couldn't continue the project, featuring many young players."
Dinamo, who suffered their fifth league defeat on Saturday, losing 1-0 at home to Vaslui, are seventh in the standings with 22 points from 15 matches, 16 points behind leaders and bitter city rivals Steaua Bucharest.
Dinamo, who are 18-times Romanian champions and reached the semi-finals in Europe twice in the 1980s, won their last league title in 2005.
"I'm not here to sell illusions," added Munteanu, who signed a contract until June 30, 2015. "I came to work with all my skills and I'm sure that Dinamo will return where the club were a short time ago."
In May, Dinamo captured their 13th Romanian Cup title but they finished a disappointing fifth in the league, nine points behind champions CFR Cluj.
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- Otelul Galati