Nash joins the Nets after spending five seasons as a player development consultant with the Golden State Warriors, where he contributed to two NBA championship teams and made four consecutive trips to the NBA Finals.
"Coaching is something I knew I wanted to pursue when the time was right, and I am humbled to be able to work with the outstanding group of players and staff we have here in Brooklyn," Nash said in a news release.
"I am as excited about the prospects of the team on the court as I am about moving to Brooklyn with my family and becoming impactful members of this community."
During an 18-season career with the Phoenix Suns, Dallas Mavericks and Los Angeles Lakers, Nash averaged 14.3 points and 8.5 assists and was one of the best three-pointer shooters in league NBA history, making 42.8% of his threes.
He won back-to-back Most Valuable Player awards in 2005 and 2006 while playing for the Suns, becoming just the 10th player in NBA history to win the award in consecutive seasons.
Two-times NBA champion Durant joined the Nets last year but sat out the entire season because of a ruptured Achilles he suffered during the 2019 NBA Finals.
Both players, who were the top free agents available last year, are expected to be ready when the 2020-21 season begins in December.
(Reporting by Frank Pingue in Toronto; Editing by Toby Davis)