Mehrotra's appointment will be effective May 8, post which, Durcan will serve as an adviser to the company until early August.
Durcan, a 30-year Micron veteran, took the top job in 2012 after long-time CEO Steve Appleton was killed in a plane crash.
Mehrotra, who will also become Micron's president and join the company's board, served as CEO of SanDisk from 2011 to 2016.
He spearheaded the $16 billion acquisition of the company by U.S. hard-disk maker Western Digital last year.
Micron shares were up 1% in premarket trading on Thursday.