Tyre Nichols, 29, who was black, died three days after his arrest on 7 January for alleged reckless driving.
The officers, who are all black, also face charges of aggravated assault, aggravated kidnapping, official misconduct and official oppression.
The family of Mr Nichols say an autopsy indicates he was severely beaten.
US President Joe Biden called for "peaceful protest" as authorities prepare to release the footage on Friday evening local time.
The city's police chief earlier also urged people to remain calm once the clip is made public.
"This is not just a professional failing," Cerelyn Davis, who is the first black woman to serve as the city's police chief, said of the ex-officers' alleged conduct.
"This is a failing of basic humanity toward another individual."
The five officers, all of whom joined the Memphis Police Department in the last six years, were fired last week after an investigation found them to be "directly responsible for the physical abuse of Mr Nichols".
Tadarrius Bean, Demetrius Haley, Desmond Mills Jr, Emmitt Martin III and Justin Smith are all in custody, jail records show. All five former cops were detained on bonds of up to $350,000.
Police bodycam footage of the incident will be released sometime after 6pm Central Time on Friday.