Wakefield will work with host Tom Caron and Hall of Famer Jim Rice during the pregame show at 9 p.m. ET for Boston's game against the Seattle Mariners.
The knuckleballer won his 200th game last September and retired at the start of Spring Training.
"Tim Wakefield has been an integral part of the fabric of the Red Sox and the New England community for the past 17 years," said NESN president and CEO Sean McGrail. "We are extremely happy to add Tim to our all-star lineup of studio analysts and believe that he will bring a unique perspective to our coverage with his knowledge of the team and the rest of the league."