Ancelotti was reported to have lost the support of several key members of the Bayern dressing room before his dismissal, with speculation suggesting his training methods left a lot to be desired.
Heynckes confirmed on Thursday that Bayern have approached him and that he was considering their offer.
Should he accept, Low believes Bayern have made a good choice.
Speaking after Germany's 3-1 win in Northern Ireland, Low said: "He [Heynckes] is, of course, an incredibly experienced coach who has already had great successes and has a great impact on the team.
"In the situation that Bayern find themselves, he is certainly a very good solution."
Bayern defender Jerome Boateng was similarly glowing about Heynckes, who was in charge of the Bavarian club when the centre-back joined from Manchester City in 2011.
"Jupp Heynckes [as an option] speaks for himself," Boateng said. "He is a great coach with a lot of experience and a lot of tact."
Mats Hummels has also backed the appointment, should it go ahead: "I don't know the official status, or the unofficial. But I have heard only positive things about him. And logically you've been damn good if you win the title.
"The most important thing is there will be a decision everybody is happy and satisfied with. Then we'll try as a team to be as good as possible."
Joshua Kimmich is another who would welcome the return of Heynckes to Bavaria, saying: "I don't know him myself, but many here do. Bayern won the triple with him so I think he is a very good coach."