The Bundesliga champions agreed a fee with Liverpool for the Spain goalkeeper on Tuesday and he has come through the necessary medical checks.
Reina is now poised to move to the Allianz Arena to link up with head coach Pep Guardiola, with whom he played during his time at Barcelona, after Bayern confirmed on Twitter that completion of the deal is imminent.
Chairman Karl-Heinz Rummenigge added: "Pep wanted a keeper like Manuel Neuer who's capable of joining in the build-up play.
"You can never take for granted finding a man with his experience and quality who's prepared to accept the No.2 position. Michael Reschke has done very well while we were in the USA."
Reina joined Liverpool in July 2005 and won the FA and League Cup during his time at Anfield.
However, he spent last term on loan at Serie A side Napoli and, with Simon Mignolet established as first choice at the Merseyside club, his chances of regular football under Brendan Rodgers appeared bleak.
Reina is expected to be the understudy to Bayern's regular No.1, Manuel Neuer, at the Allianz Arena.