The temporary switch to the German giants includes an option to buy the Colombia international and the deal will be officially completed once the 25-year-old completes a routine medical.
Die Roten chairman Karl-Heinz Rummenigge revealed the former Porto and Monaco star was the club’s number one transfer target this off-season as a personal request from manager Carlo Ancelotti – whom the player worked with during their time in Madrid.
“We’re delighted we’ve been able to complete this transfer. Signing James Rodríguez was our coach Carlo Ancelotti’s biggest wish, following their successful spell working together in Madrid,” Rummenigge told the club’s website.
“James is a very versatile player. He’s a goalscorer himself, he sets up a lot of goals and on top of that he’s great from set-pieces.
“There’s no question that this transfer further increases the quality in our team.”