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Since he stepped into the role, Bournemouth has won three of its five games and reached the last eight in the FA Cup for just the second time in its history.
The announcement that the former Leeds United and Real Madrid defender will remain in the post on a short-term basis comes after the Cherries were strongly linked with Thierry Henry.
#afcb can confirm the appointment of Jonathan Woodgate as head coach until the end of the season.— AFC Bournemouth 🍒 (@afcbournemouth) February 21, 2021
"Jonathan's professionalism and leadership has impressed the board of directors since taking on the role of caretaker manager in difficult circumstances," Bournemouth chief executive Neill Blake said.
"As we head into a crucial part of the season, stability and clarity is of paramount importance for everyone at the club.
"With that in mind, and having concluded an extensive search for a new manager, we believe Jonathan is the best candidate to lead the team for the final 15 games of the season."
Henry is currently in charge at Montreal Impact, though media reports suggested Bournemouth had asked the MLS franchise for permission to speak to the former France international.
However, Woodgate - previously head coach at Middlesbrough, where he was sacked after less than a year in charge – has been given the task of trying to secure a return to the Premier League at the first attempt.
Despite Sunday's (AEDT) 2-1 defeat away at Queens Park Rangers, sixth-placed Bournemouth still occupies the final play-off spot in the Championship table.