Toni failed to make an impact under coach Louis van Gaal and spent the second half of last season on loan at Roma.
Reports claim Toni is set to join Genoa on a free transfer.
“I would like to thank Luca Toni with all of my heart for his performances and goals, particularly in the 2007/08 double-winning season,” said Bayern chairman Karl-Heinz Rummenigge.
“I wish Luca Toni now all the best with the future at his new club.”