The forward will leave Merseyside after six years to join the Bundesliga champions.
Sadio Mane is in Munich to undergo a medical ahead of his €41 million (£35m/$43m) transfer from Liverpool to Bayern.
The Reds will receive a €32m (£27m/$34m) fixed fee for the Senegal international, with a further €6m available based on appearances and €3m depending on individual and team achievements.
The transfer fee means that Liverpool have sold the winger for more than the £33.5m (€39m/$40m) they paid to sign him from Southampton in 2016 – but for Bayern, it marks a key bit of business in the transfer window.
The Senegalese forward has been pictured in Germany as he prepares to take in medical examinations ahead of a proposed move to Bayern.
Talk about the attacker’s arrival at Allianz Arena has been rife for weeks now, with Bayern heavily mooted as the only real destination for him – and now the club look to have got their man.
Speaking to Sky Sport Germany, Bayern sporting director Hasan Salihamidzic was asked on the latest news surrounding Mane’s move following reports of an agreement between the two clubs.
“Yes, he’s coming!” the Bosnian stated.
The 30-year-old informed Liverpool of his desire to leave after their Champions League final defeat against Real Madrid in May.
Mane is ready for a new challenge after six years at Anfield and hinted before the Champions League final that he would be making an announcement on his future.
Bayern were the immediate favorites to sign the attacker, as the German side are in need of further investment in their front line.
The Bundesliga winners are in danger of losing star striker Robert Lewandowski as the Poland international declared his desire to leave this summer, with Barcelona trying to sign him.
The agreement between Liverpool and Bayern will bring an end to six successful years on Merseyside for Mane.
The forward won the Champions League, Premier League, FA Cup, Carabao Cup, UEFA Super Cup and Club World Cup in his time at the Reds.
Overall, he made 269 appearances for the club and scored 120 goals.