“It’s not yet done and dusted,” the 72-year-old Heynckes told the Rheinische Post, the local paper near his home in Moenchengladbach.
“I need to analyse things. It has been four and a half years since I stopped at Bayern and football has changed.”
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.
Heynckes confirmed he has met with Bayern chairman Karl-Heinz Rummenigge, president Uli Hoeness and director of sport Hasan Salihamidzic.
“Many things were discussed,” added Heynckes.
Ancelotti was sacked last week after poor results and ex-Bayern defender Willy Sagnol is now in temporary charge.
Despite his age, Heynckes says he feels “fit” enough to coach Bayern, who led to the Champions League, Bundesliga and German Cup treble in 2013 — the only German club to ever achieve the feat.
“Bayern is pulling Jupp Heynckes out of retirement,” wrote Sport Bild.
The club has not confirmed the report.
With the team in disarray currently, the Bayern hierachy want an authoritative character who knows the club intimately, Bild said.
Bayern are third in the Bundesliga, five points behind leaders Borussia Dortmund.
A stinging 3-0 defeat to Paris Saint-Germain in the Champions League led the club to sack Ancelotti last week.
Two German coaches believed to be in the running to manage Bayern — Nagelsmann and former Dortmund manager Thomas Tuchel — have no prior experience with the club.
Heynckes coached Bayern over three periods — from 1987 to 1991, briefly in 2009 and then between 2011 and 2013.
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