Bayern could pay an additional €8 million in bonuses, according to Romano.
Liverpool reportedly allowed Mane to leave after completing a potential €100-million deal for Uruguayan forward Darwin Nunez. Mane had already agreed to personal terms on a three-year contract with the reigning Bundesliga champions.
The Reds rejected two bids before hashing out a deal with Bayern on Friday.
Mane informed Liverpool of his decision to leave shortly after the Champions League final May 28, according to Romano. Liverpool lost 1-0 to Madrid in Paris.
The 30-year-old could replace Robert Lewandowski, who's pushed to leave Bayern amid reported interest from Barcelona. The Bavarians had told Lewandowski to honor his contract - which runs for another year - but may now soften their stance.
Mane compiled an impressive resume over the last six seasons with Liverpool. He won the Premier League, FA Cup, League Cup, Champions League, FIFA Club World Cup, and UEFA Super Cup while racking up 120 goals and 38 assists in 269 appearances for the Merseyside outfit.
His contract with Liverpool was set to expire in June 2023.