In a statement issued on Friday, Bayern revealed that Heynckes, who has already had three previous spells in the club’s dugout, will be unveiled on Monday.
After winning the German title in 2016/17, Ancelotti was fired last week in the wake of Bayern’s 3-0 Champions League defeat to Paris Saint-Germain.
Heynckes “the ideal coach” for Bayern right now, says Rummenigge
“There is great trust between Jupp Heynckes and FC Bayern,” CEO Karl-Heinz Rummenigge told the club’s website. “At this moment in time, he is the ideal coach for Bayern.”
Sporting director Hasan Salihamidzic added: “We’re convinced that he is exactly the right man in this situation to lead the team to success and achieve our goals.”
Heynckes: “I wouldn’t have returned to any other club in the world”
72-year-old Heynckes had retired from coaching at the end of the 2012/13 campaign after leading Bayern to a league, German Cup and Champions League treble.
“I wouldn’t have returned [to management] to any other club in the world,” he said of his decision to come out of retirement. “But FC Bayern Munich are a matter of the heart for me.”
Heynckes’ first match in charge sees Bayern, who are five points behind leaders Borussia Dortmiund, host Freiburg in the Bundesliga on Saturday 14 October.