Club chairman Karl-Heinz Rummenigge has confirmed the German champions have settled on a fee to bring the Spain international to the Allianz Arena
Reports emerged on Tuesday that the Spain international - who spent last season on loan at Napoli - was in negotiations to join Pep Guardiola's German champions and Rummenigge has now revealed the two clubs have settled on a fee for the goalkeeper.
"We have reached an agreement with Reina and Liverpool. [Technical director] Michael Reschke could prepare a few things back home while we were in the USA," the Bayern boss told Bild.
"Reina is an established and experienced player who fits the profile of the technical staff," he later added via the club's official website.
Reina is expected to serve as back-up to Manuel Neuer at Bayern, who have become short on goalkeepers following the elbow injury suffered by veteran Tom Starke.
Reina was Rafa Benitez's No.1 choice last season as Napoli clinched third place in Serie A and the Coppa Italia, after the Liverpool shot-stopper left Anfield for first-team football following the arrival of Simon Mignolet.
The player himself stated at the end of last month that he intended to see out the remaining two years of his contract with the Reds, specifically after Benitez had conceded that Napoli could not afford to sign him on a permanent deal.
Reina's fee is reportedly around the €3 million mark, with the former Barcelona man set to reunite with Guardiola following their spell together as players at Camp Nou.
He is due for a medical and to sign his contract in the coming days.