Bassedas has taken over as head coach of struggling Velez Sarsfield - where he had been working as the sporting director.
The 42-year-old, who made just 24 league appearances for the Magpies after a £3.5million move from Velez in 2000, had originally gone into punditry at the end of a career that also saw him capped 22 times by Argentina.
However, seven year ago he took up the sporting director role and won many plaudits for his work.
After struggles last season saw the ten-time Argentinian league champions finish 27th of 30, Bassedas has moved into the dug-out for the very first time.