The 19-year-old joined the Serie A champions from Paris Saint-Germain in 2014 but failed to become a regular in the first team.
He has now opted to join the Bundesliga champions, initially on a two year lona deal but Bayern reserve the option to buy him at the end of the 2016-17 campaign.
The France Under 21 international had his medical on Sunday to complete the move and spoke of his delight to join Pep Guardiola's side.
"I am very pleased to come to Munich and Bayern," he said. "I want to take the next step in my career here and want to help ensure that Bayern are successful over the next two years."
Bayern sporting director Matthias Sammer believes Coman can add a lot to the team and hailed him as a future star.
"Kingsley Coman is one of the great talents of European football," he said. "So we are very happy that we were able to sign him for Bayern.
"Kingsley is fast, technically savvy and an attacking player and we hope to have a lot of joy with him."
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