"The player is due to come to Munich in the next few days for a medical and to sign his contract," Bayern CEO Karl-Heinz Rummenigge said on the team's website (www.fcbayern.de).
An agreement had been struck both with Liverpool and Reina.
"Reina is an established and very experienced player that meets the management's requirements," Rummenigge added.
Reina, 31, who has made 33 appearances for Spain and joined Liverpool from Villarreal in 2005, spent last season on loan at Italian Serie A side Napoli.
A product of the Barcelona academy, he would join up with former Barca coach Pep Guardiola at Bayern and provide cover for first-choice keeper and German international Manuel Neuer.
The goalkeeper lost his place at Liverpool after manager Brendan Rodgers signed Simon Mignolet last year.