The 25-year-old, who was previously linked with Premier League clubs such as Manchester United and Chelsea, will sign for new team once a medical has been completed.
Bayern Munich have announced the signing of Colombian attacker James Rodriguez on a two-year loan deal from Real Madrid.
The deal will run until June 2019 and Bayern will also have an option to sign the player on a permanint deal.
Speaking to the club’s website, Bayern chairman Karl-Heinz Rummenigge said, “We’re delighted we’ve been able to complete this transfer. Signing James Rodríguez was our coach Carlo Ancelotti’s biggest wish, following their successful spell working together in Madrid.”
“James is a very versatile player. He’s a goalscorer himself, he sets up a lot of goals and on top of that he’s great from set-pieces. There’s no question that this transfer further increases the quality in our team.”
Rodriguez played under Bayern coach Ancelotti during his first season at Real Madrid where they winning two trophies together – the European Super Cup and Fifa Club World Cup in 2014.
The attacking midfielder was the top scorer at the 2014 World Cup and scored 36 goals in 111 games for Madrid but has long been linked with a move away from the Bernabeu due to a lack of starting opportunities.