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Both clubs have been locked in negotiations all summer in an attempt to reach a deal for the Spaniard.
The Athletic have reported talks accelerated on Monday, as Bayern wanted a deal wrapped up before the Bundesliga season begins.
As a result, a fee has finally been agreed and the 29-year-old will be on his way to Anfield.
Exclusive: Liverpool agree deal to sign Spain midfielder Thiago Alcantara from Bayern Munich for a fee of around €30m. Talks have accelerated since Monday after #FCBayern officials made clear they wanted it done before Bundesliga start @TheAthleticUK #LFC https://t.co/HfNjTYqJlG
- David Ornstein (@David_Ornstein) September 17, 2020
Thiago will sign a four-year deal with #LFC. Fee now agreed with Bayern Munich: £20m guaranteed paid over the life of the contract. An additional £5m through winning the PL/UCL, progression in Europe as long as the player is integral to success. He'll wear 6.- Melissa Reddy (@MelissaReddy_) September 17, 2020
The Champions League winner still has to finalise terms but that will be "straightforward."
He has been vocal in wanting a new challenge after spending seven years with Bayern and winning the treble last season.
Thiago had negotiated a contract extension in May before informing the German outfit he wanted to leave.
Former Bayern president Uli Hoeness revealed earlier this month that Thiago "probably" agreed personal terms with Liverpool a while back, while Manchester United were also interested.
"We offered him [Thiago] a great four-year contract but in the last minute he changed his mind and told us he wants a new challenge. He probably has an agreement with Liverpool or Manchester United, or with both," Hoesness told Sport1, via @iMiaSanMia.
Thiago will become Liverpool's second signing of the summer after the capture of Kostas Tsimikas last month.
He made 40 appearances in all competitons this season, scoring three times and assisting twice.
Do you think Thiago will be a good signing for Liverpool?
Let us know in the comments.