The Nerazzurri have agreed to sign the Switzerland international on loan until the end of the season for €2 million, and will then be obliged to pay €12m at the end of the season to make the deal permanent.
An extra payment will be made if Inter qualify for the 2015-16 Champions League.
Inter announced the transfer is almost complete on their television channel, claiming the highly-rated 23-year-old attacker just needs to put pen-to-paper on the verbally agreed contract to seal the deal.
"There is total agreement between Inter and Bayern Munich for the arrival of Xherdan Shaqiri," the Nerazzurri tweeted. "We're only missing the signatures."
Shaqiri, who was given permission to skip training with Bayern on Thursday, has given his blessing to a four-year contract with the 2010 European champions on a salary of €2.75m a season.
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