Laws, who was one of the longest-serving managers in the whole of the football league at Glanford Park, leaves The Iron after leading them to two promotions and a lofty position in league one on a shoestring budget.
The former Nottingham Forest right back has signed a two-year deal which will take him to the 2008/09 season with Wilcox joining him as assistant.
The ambitious Laws may not have been the first choice manager many Wednesday fans would have hoped for but there is no doubt he will bring a new drive and determination back to the club.
He told the club's official site: I am very excited by the prospect of coming to Wednesday, it's a huge club with huge tradition.
"The club couldn't have asked for a more hungry manager than myself. I'm very much up for the job, I believe that I'm ready for it and that I will have the necessary qualities to drive it forward."