The Spain international has continually been linked with a move to the Bundesliga giants, and club president Uli Hoeness recently gave the transfer the green light.
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"But he must be good if Bayern are interested in signing him. He has to be a special player, or Bayern would not have been after him.
"Of course, he is pretty expensive. But what's the difference really when you're talking about €30 million (£23.6m) or €40m (£31.4m)? Bayern can afford a transfer like this."
Javi Martinez, 23, has a €40m buy-out clause in his contract with Bilbao, and Bayern are seemingly ready to splash the cash on the midfielder.
Bayern Munich won the DFL-Supercup against Borussia Dortmund on August 12, and begin their Bundesliga campaign against Greuther Furth on August 25.