His official presentation is scheduled to follow later Wednesday.
Mane, 30, joined Liverpool in 2016 from Southampton, winning the Premier League, Champions League, Club World Cup, Super Cup, Carabao Cup and FA Cup.
Barca reportedly submitted a first offer in the range of €32 million which was not considered good enough by the German champions.
In his first interview since joining, the former Salzburg striker has stated that he can’t wait to work with Pep Guardiola.
After having their first offer rejected, Bayern Munich now wants to pay 40 million euros (43 million dollars), with five million euros of that sum add-ons.
There are rumours that Sadio Mane is set to leave English side Liverpool to Bayern Munich.
Germany goalkeeper Manuel Neuer has extended his contract at Bayern Munich until 2024, the Bundesliga champions said in a statement on Monday.
FC Barcelona have made a first written transfer bid of €32 million ($33.8 million, or N19.2 billion) for Bayern Munich striker Robert Lewandowski.
Bayern Munich came from behind but were then pegged back in a 2-2 draw with VfB Stuttgart on Sunday.
“Without success in the UEFA Champions League, the entire Bundesliga will continue to lose ground in marketing…”
