Matlock officials moved quickly to appoint Lincoln-based Frecklington ahead of Saturday’s home game against top of the table South Shields.
Frecklington was manager at Gainsborough Trinity until February this year and had previous been in charge at Spalding United and Lincoln United.
He will be assisted by Terry Fleming and Chris Rawlinson.
Chairman Tom Wright added: "We are delighted to welcome Dave to the club with his assistants Terry and Chris. Dave has good experience at this level and the one above. He knows the Northern Premier League and has plenty of contacts. We are confident he will get us up the league, we wish him every success and I know our supporters will get behind him and the team."
The new management team will meet the Matlock squad for the first time at training on Thursday evening.
Frecklington said: "I'm absolutely delighted and excited to be Matlock Town's new manager and I can't wait to get my teeth into the job. I've had a short break from the game and feel refreshed and ready to go.
“The first target is to get out of the bottom three and then hopefully work upwards from there. Matlock's a lovely club with good support , it sold itself to us and we'll all be doing our utmost to bring the club the success it deserves."
Frecklington has wasted no time in identifying possible new signings and is hopeful of having one in before Saturday's game.
He added: "I'm hoping we can get one over the line in time for Saturday. We've so many players missing at the moment and we need leaders. I've got ideas of who we can bring in and next week there could be five or six new faces in the building.
"I've spoken to a good number of players, the club sold itself to us and should do to them also. The players already here though will have the chance to impress us, they will start with a clean slate, it's a big chance for them and to breathe a new lease of life into the club."
"Any game against the top of the league is hard but we need to start picking up points as quickly as possible, whether that be against South Shields or teams further down the table. We need to put in good. consistent performances now. Anything can happen on any given day."
Matlock have won just one of their first six EVO-STIK Premier League matches this season and sit second from bottom in the table.