"Mike is an esteemed former legislator who earned the respect of colleagues of all political stripes," Prentice said in a news release Thursday.
"(He) is one of Alberta's pre-eminent financial figures who has advanced fiscal policy in Alberta."
Percy has published extensively on economics and public policy and has served on multiple provincial and federal advisory panels.
He was an Edmonton MLA and finance critic for the opposition Alberta Liberals from 1993 to 1997.
After that, he was named dean of the University of Alberta business school until he stepped down in 2011.
He has also headed the Edmonton Chamber of Commerce.
Prentice also announced that Patricia Misutka, the chief of staff to former Edmonton mayor Stephen Mandel, will be his principal secretary.
Misutka held an executive role with Prentice's campaign for the Progressive Conservative leadership that culminated in his victory last weekend.
Misutka said that being asked to the post "is nothing short of an honour" and she will work with Prentice in the coming days to hammer out plans and priorities.
Mandel, meanwhile, is working on Prentice's transition team and has said he would run for a provincial seat under a Prentice government.
Prentice, 58, is expected to be sworn in as Alberta's 16th premier next week. He is expected to name a new cabinet at the same time.
He has not ruled out appointing outsiders to cabinet and Mandel is one such rumoured appointment. Prentice has not confirmed that, but has also not ruled it out.
He won the leadership vote by a landslide 77 per cent margin on Saturday.
The former Calgary Conservative MP and cabinet minister has promised to remake and refocus a party that has fallen sharply in the polls amid revelations of waste and scandal under former premier Alison Redford.
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