Nicola Sturgeon announced the move on Twitter this morning.
The finance secretary's new role forms part of a reshuffle, with more details on rearrangements expected later today.
Mr Swinney was speculated to be given the position, however it was not officially announced until 9.10 this morning, when Ms Sturgeon tweeted: "Delighted to announce that @johnswinney is the new Deputy First Minister of @scotgov #reshuffle."
It means Mr Swinney will be expected to stand in at First Minister's Questions when Ms Sturgeon is out of the country.
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