Bayern complete the signing of Diaz

Bayern Munich have confirmed the signing of Colombia international Luis Díaz from Liverpool

The deal is worth €75 million ($88m), inclusive of add-ons. He becomes Bayern's third signing of the summer following the arrivals of Bayer Leverkusen's Jonathan Tah and Hoffenheim midfielder Tom Bischof.

Díaz missed Liverpool's friendly defeat against AC Milan on Saturday due to ongoing speculation linking him with a move away from Anfield and was granted permission to leave the preseason tour of Asia on Sunday.

Díaz first signalled a wish to leave Liverpool in the summer of 2024 -- with his existing deal due to expire in 2027 -- but the club held firm while assessing both the squad and the market.

Luis Díaz scored 41 goals in 148 games for Liverpool. Liverpool FC/Liverpool FC via Getty Images

Two separate attempts to agree to a contract extension failed due to a gap between offers and demands.

There has been extensive interest in the player all summer, with Liverpool previously rejecting advances from both Barcelona and Bayern and insisting the player was not available.

The club rejected a €67.5m bid from Bayern earlier this month but, after the German champions returned with an improved offer, Liverpool reluctantly agreed to sanction his departure.

Díaz enjoyed the most productive season of his Liverpool career last term, scoring 17 goals in all competitions and helping Arne Slot's side win the Premier League title.

The forward joined the club from FC Porto in January 2022 in a deal rising up to €49m and scored 41 goals in 148 appearances.

His departure will help balance out some of Liverpool's spending this summer, with the Premier League champions spending around £290m on Florian Wirtz, Jeremie Frimpong, Milos Kerkez, Giorgi Mamardashvili and Hugo Ekitike.

It also brings the revenue generated from player transfers up to £190m under sporting director Richard Hughes, who took up the role last summer.

Liverpool could now formalise their interest in Newcastle United striker Alexander Isak, whose availability Slot's slide enquired about earlier this month.

The 25-year-old was left out of Newcastle's preseason tour to Asia after suffering a thigh injury but Isak has also informed the club he wants to explore a move away from St. James' Park.