Your Mobo will Support i7-4790K
But since your CPU is a Overclock enabled processor, you can't Overclock your i7 with that Mobo. You will need a Z97 series mobo.
Either Buy i7 4790 (non-K) CPU for that Mobo,
or, Buy a New Z97 mobo also for your i7-4790K to Overclock your CPU & get a Full potential from it.
Yes it will work with your motherboard just make sure you update your BIOS.
Latest version is 10.9, you can download it here http://www.msi.com/support/mb/B85M-E45.html#down-bios
Do i need to download the other versions or will the 10.9 be alright