He has scored 25 goals and provided 28 assists in 90 league games for the Etihad Stadium outfit and Sport Bild has now confirmed that Bayern will pay an initial fee of £44.7m (€49m) with several add-ons bonuses over his five-year deal.
The winger is due to move to the Bundesliga champions for a fee of around 60 million Euro after rejecting a new contract at City.
On Tuesday evening, City reached an agreement with Munich for the sale of Sane for a deal worth up to £54.8m.
It is understood Bayern, who have always been linked with the player, will be paying €22m in annual wages, which is double what City were offering.
He elevated his game to the next level in 2017-18 and won the Professional Footballers' Association's (PFA) Young Player of the Year award as Pep Guardiola's side clinched the Premier League title.
Sane will earn around €22 million a year at Bayern, close to double what City offered during their negotiations.
Eleven minutes from one appearance, with the other three matches spent going through the motions of warming up without ever getting onto the pitch, has been quite something to witness for a player who has been clearly missed this season.
Former Premier League midfielder Craig Burley has stressed Bayern Munich's newest acquisition Leroy Sane will have to prove his mettle at the Allianz Arena if he hopes to pin down a starting berth for the German champions. City supporters will not be surprised. "We wish him all the best, big thanks for our years together".