Rushden were created by their supporters trust in the summer of 2011 after their original club went into administration with financial problems.
After fielding youth teams last season, a senior team will enter the United Counties Football League Division One in the 2012/13 season.
"I have been behind the reformed club from day one, they had a great campaign last season and I am really happy to be back. I want to be part of the group that gets this club off the ground in senior football," said Hope, who played for fellow non-league side St Neots Town last season.
"I would like to think my experience will help and the aim will be to not to concede goals and hopefully chip in with a couple myself it’s very exciting and I know the fans can’t wait for Saturday football to return.
"I am pleased to be back at the club, I didn’t ever think it would happen. When I left the club we all know the story of what happened and I was gutted as I had three very enjoyable years here and know lots of people connected with the club."
Hope joined Scunthorpe from Nottingham Forest in 1993, staying for seven years before joining Gilingham for £250,000. He made 336 first-team appearances for the Iron, scoring 20 times.
He will be back at Glanford Park next Sunday when he takes part in Cliff Byrne's benefit match, which will follow the club's open day.