The Bundesliga champion has secured the signing of the defender from Roma on a five-year contract.
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The 27-year-old has been linked with a possible switch to the Allianz Arena for several weeks, with reports about a potential move gathering pace following the injury suffered by Javi Martinez.
Bayern now has confirmed that a deal has been agreed to sign the player for an undisclosed fee from the Serie A giants, with Benatia set to travel to Munich later this week to complete a medical and finalize personal terms.
The Morocco international is poised to sign a five-year contract with the Bundesliga champion.
Benatia had attracted the interest of several European giants following his impressive performances for Roma last season after his move from Udinese.
Premier League duo Arsenal and Manchester United were linked with 35 million euro bids for the player but concrete interest from England failed to materialize, allowing Bayern to steal a march in the race for his signature.
The Bavarians were forced to redouble their efforts to bolster their defensive options after Spain international Martinez suffered a cruciate ligament tear in the DFL-Supercup loss to Borussia Dortmund, and head coach Pep Guardiola has opted to bring in the experienced Serie A-stopper.
Roma is poised to sign Greece international Kostas Manolas as a replacement for Benatia.