Baraclough has been in caretaker charge since the departure of Nigel Adkins and assistant Andy Crosby to Southampton.
He has overseen three Iron games - the 4-0 Championship win at Sheffield United and 2-0 loss at Swansea City as well as the 5-2 Carling Cup defeat to Manchester United.
"He is an exceptionally nice person who I had penciled in as a prospective manager some two years ago," said Steve Wharton, the Iron chairman.
"I and my board of directors will do our utmost to give Ian all the support he needs to continue and build upon our recent successes."
Baraclough moved to Glanford Park as a player in 2004, and took a coaching role in the reshuffle that saw manager Brian Laws leave for Sheffield Wednesday two years later.
Pressman, whose playing career was mostly synonymous with Sheffield Wednesday, has been goalkeeper coach at the Iron since 2007.