The Welsh Premier League club needed a new man at the helm after Tony Pennock left to take up a coaching position at Hull City.
It was only a month earlier that Pennock had been promoted from his assistant manager role at Aber.
Powell, a former Tranmere player, won the Welsh Premier League title with Bangor City in 2010-11 and won three consecutive Welsh Cup finals from 2008.
He lost his job with Bangor before the start of last season.
Aber chairman Donald Kane said: "Nev's stature within Welsh football, his experience within the League, and the extensive contacts he has within the game marked him out as an outstanding candidate for the job, and as a club we are delighted to have recruited him as first-team manager."
The club say they hope Powell will be able to take charge of Saturday's pre-season game against Llanelli at Park Avenue.
Neville Powell has been appointed as the new Aberystwyth Town manager.