Following RR's poor run in the middle of the season, the team had sacked Rahane and named Steve Smith as the new captain. Smith's appointment as skipper led to Rajasthan's revival of fortunes. Under Smith's captaincy, RR won three out of the last four games, giving them a slender hope of making the play-offs with a game to go.
Rahane returns to lead Royals for the game against Delhi Capitals on Saturday.
"We have requested Ajinkya to take on the captaincy of the team; as a true Royal he has shown great courage and character in graciously accepting the responsibility, which accompanies this role, whilst it would have been easier for him to take a back seat and focus solely on his batting," said Zubin Bharucha, Head of Cricket at Rajasthan Royals.
"A true team man and a true Royal, we are extremely fortunate to have characters like him playing this sport and even prouder he is part of the Rajasthan Royals franchise."