The Reds were holding out for a strong fee for the prolific Senegalese forward, but Bayern are reportedly set to pay a bargain fee of £32m via Fabrizio Romano.
Sadio Mane is now expected to sign a three-year deal with the Bundesliga champions, who had just one year left on his deal with Liverpool.
Reports further claim that, Mane will undergo a medical with Bayern next week before completing the move.
It’s the end of an era for the 30-year-old Mane at Merseyside club.
He first joined Liverpool in a £34m move from Southampton in 2016.
Mane would become a crucial player for the Reds, playing a key role in the club’s recent success under manager Jurgen Klopp.