Eddie May who was youth team boss last season will take over from John Hughes as manager and has opted for Pressley, who was Falkirk's captain last season to help him.
69 year old May told the BBC: "I was offered the job a week ago. "It took me a couple of days to accept, then I looked at who could assist me.
"Steven Pressley is a fantastic leader of men, a fantastic organiser, while Alex Smith has done everything in the game.
"I had a conversation with him three years ago, which stuck in my mind, when he told me he was here to help young coaches.
"I must have been doing something right for the club to hold me in such high regard and tell me that I was the man to lead them forward.
"I was a little bit surprised to be asked but over the years people within the club have asked me if I would be interested in doing that, in terms of managing another club, or if anything changed here."