"The player will speak to the media today at 12:00 p.m. BST in the Santiago Bernabeu press room, alongside director of Institutional Relations, Emilio Butragueno."
The 32-year-old, who earlier this week announced his retirement from international soccer after winning one World Cup and two European championships with Spain, is considered as a replacement for the injured Bayern midfielder Javi Martinez.
He passed a medical in Munich on Thursday with Bayern saying terms had also been agreed with the player, whom they want to sign as a straight transfer and not as a loan deal from the Spanish club.
Alonso can help orchestrate Bayern's game from his deep-lying position while also providing crucial leadership with holding midfielder Bastian Schweinsteiger and Thiago Alcantara also out injured.
The transfer of Alonso, who will be Bayern's fifth Spanish player along with Pepe Reina, Juan Bernat, Thiago and Martinez, comes after the club signed Moroccan central defender Mehdi Benatia from AS Roma earlier this week.
Martinez has been ruled out for at least six months with a cruciate ligament tear, forcing fellow Spaniard, coach Pep Guardiola, to look for more defensive midfield options.
Bayern have been drawn with Manchester City, CSKA Moscow and Roma in the Champions League group stage.
(Reporting by Josh Reich; Editing by John O'Brien)
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