With captain Philipp Lahm and Spaniard Xabi Alonso nearing the end of their careers, Rudy, 26, will provide another option in defensive midfield, while 21-year-old Suele will be charged with plugging holes in Bayern's central defence.
Both players are Germany internationals and have enjoyed stellar seasons for unbeaten Hoffenheim, who are fifth in the Bundesliga. They will both join Bayern at the end of the current campaign.
"We are satisfied and happy to see Niklas Suele and Sebastian Rudy transfer to Bayern," said the club's CEO Karl-Heinz Rummenigge.
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"The transfer of two Germany internationals is also an investment in the future of Bayern."
Rudy will arrive on a free transfer when his current contract expires at the end of the season, having agreed a three-year deal with Bayern.
Suele has signed a five-year contract, with German media reports estimating the transfer fee to be 20 million euros (17.47 million pound).
Bayern are top of the Bundesliga, three points ahead of second-placed RB Leipzig, with the league set to resume next week after the winter break.
(Reporting by Karolos Grohmann; Editing by Toby Davis)
