The job fell open after the sacking of Carlo Ancelotti in late September following disappointing antics so far this season, with an embarrassing 3-0 loss to PSG in the UEFA Champions League proving to be the straw that broke the camel's back.
German media report that Heynckes could return to Bayern until the end of the season with current Hoffenheim coach Julian Nagelsmann tipped to take over for the 2018/19 season.
He also took over temporarily at the Allianz Arena following the departure of Jürgen Klinsmann in 2009, whilst in his first spell with the club between 1987 and 1991 he also lead the team to two Bundesliga titles.More news: Catalonia's leader: 'We will declare independence in a matter of days'
Quotes via Bayern Munich.
"I wouldn't have returned [to management] to any other club in the world", he said of his decision to come out of retirement. "I feel just wonderful!" - quoted Heynckes the German edition of "Kicker".
"We're very thankful to Jupp that he's accepted the offer of head coach".
"It's not yet done and dusted", the 72-year-old Heynckes told local paper Rheinische Post.More news: We Are In Good Condition To Play Uganda - Kwesi Appiah
221 - Across his three previous spells at the club, Heynckes has coached Bayern for 221 Bundesliga matches.
Heynckes, who retired four years ago, turned the Bavarians into one of Europe's most dominant teams, culminating in the treble-winning side of 2013, and has been drafted in on a short-term deal.
Sports director Hasan Salihamidzic said: "Jupp Heynckes is a master of human rights and tactics. I'm very much looking forward to this challenge", he added.More news: Senate Intel Heads Say Trump-Russia Collusion Still an Open Question
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