The 23-year-old is set to arrive in Milan in the coming hours to put pen to paper on his move to the San Siro.
“Inter Milan and FC Bayern have agreed terms for Shaqiri,” the Italian club posted on Twitter. “Just the paperwork to be signed.”
Inter have not given further details but, according to the local media, Shaqiri is expected to join the Nerazzurri on loan until the end of the season before making a permanent switch in the summer in a reported 15million euros deal.
The former Basle player, who has scored one goal and provided two assists in nine league appearances for Bayern, is poised to sign a contract with Inter until June 2019.
Shaqiri joined Bayern from Basle in 2012, and has won two Bundesliga crowns and the 2013 Champions League with the German giants.
Roberto Mancini’s Inter lie 11th in the Serie A standings, 18 points adrift of leaders Juventus after 17 games.