The 47-year-old made his first official appearance as the Rubronegro's new coach Wednesday after the sacking of Jayme de Almeida, reported Xinhua.
Franco, who guided Flamengo to the 2006 Copa do Brasil during his first spell at the club, vowed results would be even better this time.
"The manager who takes over now is more experienced and knows the club better," Franco said in comments published on the club's official web site.
"Flamengo is also in a new phase with professionals who are trained in all areas. I am here to take charge of football and I hope that our performances will be rewarded with trophies."
Almeida's sacking followed Flamengo's 2-0 loss to local rivals Fluminense Sunday.
The result left the side equal ninth in Brazil's Serie A standings with four points from the first three matches of the season.
Franco is confident he can turn around Flamengo's fortunes as they bid for a seventh domestic title.
"I know the entire team because I played against them in my previous managerial jobs," he said.
"It's a team that has highly technical players on the same level as any other Brazilian club. Now we need to work and implement our concepts so that the team can have success. We won't be lacking desire."
Franco's first match in charge will be against Sao Paulo at the Maracana stadium Sunday.