The move follows Bayern's loan signing of Colombia playmaker James Rodriguez from Real Madrid earlier on Wednesday.

A statement on Juve's website read: "Douglas Costa is officially a player of Juventus. The club has reached with Bayern Munich an agreement for the temporary acquisition of the Brazilian wide player.''

The Bianconeri will pay a loan fee of €6 million (£5.3m), with the potential for an extra €1m (£885,000) in performance-related add-ons and an option to buy him outright for a further €40m (£35.4m).

"We held serious and constructive talks with Juventus' representatives and all of Bayern's financial demands have been met," CEO Karl-Heinz Rummenigge said in a statement.

"I would like to thank Douglas for his performances. After two successful years and four trophies he wanted to take on a new challenge," said Rummenigge.

"We granted his request and wish him and his family all the best for the future in Italy."

Costa began his career with Gremio in his homeland, spending just over a year in their first team before moving to Europe with Ukrainian side Shakhtar Donetsk in January 2010.

He moved on to Bayern in Summer 2015 and made 77 appearances over two seasons, scoring 14 goals.

He featured against Juve in the last 16 of the 2015-16 Champions League, setting up goals for Thomas Muller in the first leg and Robert Lewandowski in the second as Bayern won 6-4 on aggregate.