Rodriguez will have a medical with the German giants before completing his move to the Allianz Arena - in a deal which could cost up to £40million.
Bayern will also have an option to buy the Colombia international permanently at the end of the loan deal on June 30, 2019. The initial loan will cost them £9m with another £31m on top of that, should they wish to make it a permanent one too.
Bayern chairman Karl-Heinz Rummenigge expressed his delight at the capture of the 25-year-old - revealing that he was Ancelotti's main priority this summer.
'We're delighted we've been able to complete this transfer,' he told the club's official website.
'Signing James Rodríguez was our coach Carlo Ancelotti's biggest wish, following their successful spell working together in Madrid.
'James is a very versatile player. He's a goalscorer himself, he sets up a lot of goals and on top of that he's great from set-pieces. There's no question that this transfer further increases the quality in our team.'
Ancelotti and Rodriguez worked together at Real Madrid with the latter joining in a £63million deal in the summer of 2014 from Monaco after excelling for his country at that year's World Cup.
During their one season in the Spanish capital together the duo won the UEFA Super Cup and the FIFA Club World Cup.
However, following Ancelotti's sacking in 2015; Rodriguez saw his influence at the Santiago Bernabeu wane.
Under Rafa Benitez and especially current boss Zinedine Zidane, Rodriguez found himself lower down the pecking order behind Cristiano Ronaldo, Gareth Bale, Isco, Lucas Vasquez and Marco Asensio in the wide attacking and creative areas.
Despite that Rodriguez won seven major honours with Real - including two successive Champions League triumphs (2016 and 2017) as well as La Liga last season.
Overall, the midfielder scored 36 goals and provided 41 assists in 111 appearances for the Spanish giants.
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