Liverpool have accepted a €75m offer from Bayern for the Colombia international.
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Diaz has agreed contract terms with Bayern and is now due in Munich for his medical ahead of putting pen to paper.
The winger joined Liverpool in 2022 from Porto for €45m.
Last season, Diaz scored 17 goals in all competitions - the most prolific campaign of his career.
Bayern aim to close the deal in the next 48 hours.