The striker is on his way back to South America after Frank Arnesen's announcement that a deal has been agreed between the clubs
The Peru international has already departed for Brazil where he will undergo a medical prior to putting pen to paper on a contract.
"The clubs have already agreed on the transfer," Arnesen told Hamburg's official website.
"It will be a great opportunity for Paolo to play for Corinthians. We wish him much luck and success in his endeavours."
The 28-year-old scored six goals in 23 appearances for the German club last season.