A new multicomponent catalytic approach to important fused imidazole bicyclic acetic esters, whose core is present in many biologically active principles, is presented. It is based on the sequential cyclization‐alkoxycarbonylation‐isomerization of readily available N‐heterocyclic propargylamine derivatives, carried out under oxidative conditions using a simple catalytic system consisting of PdI2 (1 mol%) in conjunction with KI (1 equiv.), in the presence of AcONa as additive (1 equiv.) at 100 °C under 20 bar of a 4 : 1 mixture CO‐air. Under the optimized conditions, several N‐(prop‐2‐yn‐1‐yl)pyridin‐2‐amines were smoothly converted into alkyl 2‐(imidazo[1,2‐a]pyridin‐3‐yl)acetates in fair yields (51–77 %). The method was also applied to the conversion of N‐(prop‐2‐yn‐1‐yl)pyrimidin‐2‐amine into 2‐(imidazo[1,2‐a]pyrimidin‐3‐yl)acetate and of N‐(prop‐2‐yn‐1‐yl)pyrazin‐2‐amine into 2‐(imidazo[1,2‐a]pyrazin‐3‐yl)acetate. Some of the newly synthesized bicyclic derivatives have shown promising luminescence properties.