Javier Hernandez will provide backup for Real Madrid's first-choice striker Karim Benzema.
He passed a medical in Munich, with Bayern saying terms had also been agreed with the player.
The Portuguese forward was presented with the award in Monte Carlo by UEFA President Michel Platini.
The transfer fee outstrips the £50m Chelsea paid Liverpool for Fernando Torres in 2011.
Real Madrid is waiting for the results on Cristiano Ronaldo's back injury to decide if he’s fit to play.
The new-era Galácticos beat Sevilla 2-0 to lift the 2014 Uefa Super Cup.