The State government has sanctioned Rs.92.13 crore for this international event in which chess players from 180 countries will take part.
The decision to rope in Gelfand to guide the Indian team has pleased Koneru Humpy, a vital cog in the wheel of the women's first team.
The All India Chess Federation (AICF) has brought the two legends together for the home team's first coaching camp ahead of the Chess Olympiad in July-August.
Five-time world champion, Viswanathan Anand, has opted to sit out of the upcoming Chess Olympiad at home.
India being the host are entitled to field two teams each in Open category as well as women's section for the first-time ever.
The announcement was made by Tamil Nadu chief minister M K Stalin on his Twitter page on Tuesday night.
The Government of Tamil Nadu and All India Chess Federation will be jointly organising the event, a tournament that will feature elite chess players from over 150 countries.
The Chess Olympiad is a biennial event in which teams from some 190 countries compete over a two-week period.
India won the first duel 5-1, outclassing USA on all the boards. Anand led from the front with a classy victory over Jeffery Xiong, while P Harikrishna, D Harika and R Vaishali also notched up wins
The blitz tie-break saw India outclass its opponent 5-1 thanks to wins for Adhiban, Harika, Sarin and R Vaishali storm into the last four.
A total of 1717 players, are playing from 150 countries all over the world, with 888 titled players, including 209 Grand Masters and 244 International Masters.
In conversation with GM R Praggnanandhaa, prior to the Online Chess Olympiad scheduled to begin from September 8.