Sutton moves into the Imps hot seat after former manager Peter Jackson was sacked at the beginning of September.
This is Sutton’s first job as a manager and the club admit that they have taken a 'calculated gamble' with the appointment.
A club statement read: "We received over 70 applications for the vacant manager's post and although this double appointment could be seen as a calculated gamble, the board have every confidence in Chris and Ian and are looking forward to working with them.
"Both Chris and Ian impressed every member of the board with their enthusiasm, ambition and preparation and the decision to appoint them was a unanimous one."