Former Borussia Dortmund midfielder Oliseh quit his position with an outburst against his former employers on Twitter, just seven months into his job.
The Nigeria Football Federation (NFF) acted swiftly to announce his successor, with Siasia, who scored 16 goals in 51 games for his country, taking the job once more.
The 48-year-old's previous tenure in charge of the Super Eagles ended with him being sacked in October 2011 - after a little under a year as coach - following the team's failure to qualify for the African Nations Cup.
Siasia will work alongside Salisu Yusuf, Emmanuel Amuneke and Alloy Agu for next month's African Nations Cup qualifiers against Egypt.
Chris Green, chairman of the NFF technical and development committee, told federation website thenff.com: "The new crew has the mandate to reach out to the very best Nigerian players anywhere.
"The matches against Egypt would not be picnics and we need our very best for those contests."
Oliseh resigned his position, writing on Twitter: "Due to contract violations, lack of support, unpaid wages, benefits to my players, asst. coaches and myself, I resign as Super Eagles Chief Coach.
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