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The 72-year-old will return for a fourth spell in charge of the Bundesliga champions.
Heynckes retired in 2013 after leading Bayern to the treble of the Bundesliga, German Cup and Champions League.
He will take over until the end of the season, according to Bild.
Ancelotti was sacked following a 3-0 Champions League defeat to Paris Saint-Germain late last month, with the Italian’s assistant Willy Sagnol taking over on an interim basis.
Bayern drew 2-2 at Hertha Berlin last Sunday in Sagnol’s first match in charge, a result which left them five points behind leaders Borussia Dortmund.
Former Borussia Dortmund coach Thomas Tuchel and Hoffenheim's Julian Nagelsmann have been linked with the position since Ancelotti’s departure
Bayern's next match sees them host SC Freiburg on October 14.
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