Perisic, 30, will compete with Serge Gnabry and Kingsley Coman for a place out wide in compatriot Niko Kovac’s preferred starting XI.
“I am very happy to be back in Germany,” Perisic told Bayern’s official website.
“Bayern is one of the biggest clubs in Europe. We want to attack not only in the Bundesliga and in the DFB-Pokal, but also in the Champions League.”
Bayern's sporting director Hasan Salihamidzic added: “Ivan will help us with his many years of experience at an international top level immediately. “He is technically strong and flexible in attack. I'm sure Ivan will integrate quickly as he already knows the Bundesliga and our coach Niko Kovac well.”
Barcelona want to loan Neymar
The forward’s situation at Paris Saint-Germain has become untenable, with Neymar having made clear his desire to leave, the fans abusing him, and the club realising it is in everyone’s best interest to move him on.
They have been actively looking for replacements - including Juventus’ Paulo Dybala - but the situation remains complicated by technical and financial issues, particularly regarding Financial Fair Play.
Real Madrid had initially been Neymar’s first choice, but they do not have the money for even his wages without a significant sale, and in any case Zinedine Zidane would prefer a move for Paul Pogba.
A potential return to Barcelona has been one of the summer’s most high-profile sagas, but they are similarly struggling to come up with the funds.
Roma in talks for Lovren
Lovren has been omitted from Jurgen Klopp’s squad to play Chelsea in the Super Cup on Wednesday night due to an “illness”, though talks over a departure continue.
The 30-year-old has fallen behind Virgil van Dijk, Joe Gomez and Joel Matip in the defensive pecking order, leaving him as the fourth-choice centre-back at Anfield.
Liverpool are understood to be demanding around £15m for Lovren, who was not named in the match day squad for Friday’s Premier League opener against Norwich City.
Lovren made just 18 appearances for Liverpool last season, though persistent injuries left him unavailable for much of the campaign.
Roma have a long-standing interest in Lovren and hope to conclude a deal before Serie A’s transfer window closes next Friday.
Spurs keen to keep Eriksen
The 27-year-old’s current contract runs out next year and he had been hoping for a lifestyle change this summer, with Real Madrid his clear preference.
The Spanish side have cooled their interest on Eriksen, however, with manager Zinedine Zidane prioritising Paul Pogba.
Atletico Madrid and Juventus have been mooted as possibilities, but the player’s options are currently limited and there is a willingness to sit down with Spurs again.
Eriksen had been offered to Manchester United, but he had little interest in moving to a Premier League rival currently outside of the Champions League.
New deal for Zaniolo
Highly-rated 20-year-old Italian midfielder Nicolo Zaniolo is on the verge of agreeing a new deal with Roma.
Zaniolo enjoyed a breakthrough campaign with Roma last season which subsequently saw him linked with Manchester United, Tottenham and Juventus.
But reports in Italy claim the midfielder is in the final stages of agreeing a new five-year contract with Roma.
Zaniolo made 36 appearances in all competitions for Roma last term, scoring six goals.
He also made his debut for Italy’s senior national team, replacing Paris Saint-Germain midfielder Marco Verratti in Italy’s opening Euro 2020 qualification match, a 2-0 home win over Finland.
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