According to De Telegraaf and Sky Germany, the 32-year-old newly-released Ajax defender is said to be on his way to Munich to undergo a medical, then is expected to sign a contract until the end of the season with an option to extend by one year.
Blind terminated his contract with Ajax six months prematurely and has been drafted in by Bayern following the long-term injury to Lucas Hernandez.
On Tuesday, Ajax president Edwin van der Sar confirmed that Blind had terminated his contract six months early at the club, having played 333 times during two spells with the Dutch side winning seven Eredivisie titles and scoring 13 goals.
"Over the course of the last few days, we reached an agreement with Daley to terminate his contract," Van der Sar said.
"I hope he can find another club to end his successful career with.
"Together with Daley, we have decided on a match in the ArenA where he can say a proper goodbye to the supporters," Van der Sar added.