Bayern sign Coutinho on loan from Barcelona

Bundesliga champions Bayern Munich have signed Barcelona midfielder Philippe Coutinho on loan for the season, the two clubs confirmed on Monday.

Bayern will pay a loan fee of 8.5 million euros ($9.44 million) and pay his wages. They have the option of making the deal permanent for a fee of 120 million euros.

Coutinho, who joined Barcelona in January last year for approximately 142 million pounds ($172.25 million), was the third most expensive transfer in history but he failed to hit the same heights at the Camp Nou as he did with Liverpool.

"FC Barcelona and Bayern Munich have reached an agreement for the loan of the player Philippe Coutinho to the German club for the 2019/20 season," Barcelona said in a statement.

"Barcelona would like to thank to publicly thank Philippe Coutinho for his commitment and dedication wishes him all the best in this new stage of his career."

Coutinho will wear the number 10 shirt previously worn by Dutchman Arjen Robben, who retired at the end of last season.

"We've been working on bringing in Philippe Coutinho for quite some time and we're very happy that we've been able to complete this transfer," Bayern CEO Karl-Heinz Rummenigge said.

"Our thanks go to FC Barcelona for agreeing to the transfer. With his creativity and outstanding skills, Philippe is a player who will immediately strengthen our attack."

Bayern, who drew their first league game 2-2 with Hertha Berlin last weekend, play away at Schalke on Saturday.