The Colombia international has signed a four-year deal with the German club to bring his three-and-a-half-year stay at Anfield to an end.
The 28-year-old was left out of Liverpool’s pre-season match against AC Milan on Saturday because of speculation over his future.
Having rejected Bayern’s opening offer of £58.6m earlier this month, Liverpool accepted a follow-up bid of £65.5m over the weekend and gave Diaz permission to have a medical with the club.
Diaz joined Liverpool from Porto for an initial £37m in January 2022, scoring 41 goals in 148 appearances during his time at Anfield.
He won the FA Cup and EFL Cup during his opening season with the Reds, and was part of the side that lost to Real Madrid in the 2022 Champions League final.
The winger’s exit means Liverpool have made around £115m in player sales so far this summer
Diaz enjoyed the most prolific season of his career last term, scoring 17 goals in all competitions as Liverpool won the Premier League.
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