The move comes after the Trojans lost to archrivals UCLA at the Coliseum on Saturday.
Sarkisian, the former head coach position of the University of Washington football team, has previously served as an offensive assistant and quarterbacks coach at USC.
Sarkisian said he met with the team Monday night and stressed the team was not "rebuilding," giving kudos to Ed Orgeron, who coached the Trojans after the mid-season firing of Lane Kiffin.
"Rebuilding is not a word around here," he said. "Coach O proved that to us, that we can win right now. I've known Coach O since 2001. I know what he's meant to this program and to these young men. I think we all owe Coach O a great deal of gratitude, as he left this program in a better place than where it was before."
Orgeron, who helmed the Trojans for the past eight games, announced Monday he was leaving USC to pursue head coaching opportunities.
"I am grateful to the University of Southern California for the great time I had here," Orgeron said in a statement. "I'm especially grateful for the players on this year's team, the coaching staff and the Trojan family for the way they all fought through adversity and became one."
At the University of Washington, Sarkisian led the Huskies to post-season bowl appearances the past four seasons.
City News Service contributed to this report.