The group will meet for the first time this month and will work to produce recommendations which will "support the future of the university and its role in the wider city region".
Sir Alan, who was the university's principal between 2000 and 2009, said it was a "privilege" to chair the new taskforce.
He said: "The Scottish government's commitment to ensuring its long-term future and impact, and protecting the interests of students and staff provides a strong foundation for the work of the taskforce."
The Scottish Funding Council (SFC), an arms-length body of the Scottish government, recently approved a £22m support package for Dundee University.
It said the package would be a mix of low-cost loans and capital grant.
Interim principal Prof Shane O'Neill told MSPs last month that "misleading information" had been given to him and others last year over the university's position.
The SFC has also launched an independent investigation into the reasons for the "deterioration" in the institution's finances and will attempt to understand "how this came as a surprise to the university leadership".
University and College Union (UCU) Scotland official Mary Senior welcomed the announcement.
"It's vital that there is meaningful involvement from campus trade unions in this group, and that it works at speed to save jobs and education, and to ensure that the university moves forward as a successful institution for the future," she said.