It is a decision that has been made in tribute to German football legend Franz Beckenbauer.
The former defender died earlier this year, on the 7th of January, at the age of 78.
Pavard will be Bayern's last 'five'
At Bayern's annual general meeting, attended by Beckenbauer's wife, Heidi, and son, Joel, the club's members announced that they had accepted the proposal by president Herbert Hainer.
"This year," started the visibly moved Hainer, "Bayern lost the greatest personality in its history.
"Dear Franz, we miss you, you gave Bayern the radiance that continues to have an impact today.
"But what remains and unites us is the memory of you."
Prior to this, a short film had sparked a standing ovation that latest several minutes in the packed hall.
Hainer added: “The number five remains reserved for a unique legacy, because our club and its history are simply unthinkable without Franz.”
Klaus Augenthaler, Patrik Andersson and Mats Hummels are among those who have worn the number five at Bayern after Beckenbauer retired.
The last man to wear it was Frenchman Benjamin Pavard, who left Bavaria for Inter Milan last summer.