Fry will replace the long-serving Dave Richards who is stepping down after 14 years in the part-time role.
Fry, 57, is well known in the City of London after a career in corporate finance with banks including Rothschild, BZW, Credit Suisse and Lehman Brothers. He is current chairman of food company Dairy Crest.
Fry described the Premier League as "one of the country's great success stories," citing improved playing standards, higher investment in facilities and development as well as better commercial deals.
"I am looking forward immensely to helping the clubs and the Executive improve on what is already an incredibly successful competition and business," he said in a statement.
Setting out Fry's allegiances, the Premier League said he was a "keen spectator" at matches involving champions Manchester United and England, as well as following Sussex County Cricket Club.
The chairman acts as a point of contact for the chairmen and chief executives of the 20 Premier League clubs and also has an ambassadorial role.
Chief Executive Richard Scudamore runs the Premier League on a day-to-day basis and recently tied up a series of lucrative new television deals at home and abroad.