Manchester-born Schofield, who is 6ft 6in tall and weighs 20 stone, has a huge reputation in the English top-flight, having played for Sale Sharks between 2001 and 2010 and featuring in 162 games for the club. He was named Sale captain during the 2009/10 season.
The 33-year-old made his England debut against South Africa in the summer tour prior to the 2007 Rugby World Cup. He was also part of the England Saxons squad in the 2009 Churchill Cup, coming off the bench in the final.
Schofield has vast experience in both the Aviva Premiership and European rugby and Head Coach, Richard Hill, believes he is now the right man to lead the club forward.
He said: "Dean is a fantastic player and from his time at Sale Sharks and Toulon, where I know from people at those clubs, he is an exceptional leader.
"On the field he adds a physical presence and power and will look to lead from the front. Off the field he will be superb ambassador for this club."
Hill also paid tribute to Chris Pennell, who has captained the club for the last two seasons, for the manner in which he has led the club.
"I spoke to Chris over the summer about the captaincy and asked him if he felt he should concentrate on his own game and making sure he hits top form," added Hill.
"Whilst he has always been proud to be captain and could have continued in this role, he acknowledged the time was right to look at his own form. He made that decision himself and he deserves huge credit for that."
The Warriors will open their Amlin Challenge Cup campaign with an away Pool 2 game against tournament newcomers, Bizkaia Gernika RT, in Spain on Saturday, 13 October.