Bayern has completed a transfer that sources tell Goal is worth a guaranteed $13.5 million (€11.5m/£10m), with performance incentives that could take the deal above $21.5m.
The fee is reportedly in the $19-20 million range when all is said and done, which would make Davies the most expensive outgoing transfer in league history, about doubling the $10 million Jozy Altidore fetched from Villarreal 10 years ago. USA media reports said Bayern had paid a £11.1m transfer fee for the winger.
The player himself, who was born in a refugee camp Ghana and already represents Canada at senior global level, said: "I am very happy with my move to Bayern". Now the dream has come true. As a kid I always dreamed of such a moment. "Ever since I joined the 'Caps when I was 14, they moulded me throughout the years into the pro that I've become". "Thanks to the fans for supporting me, I really enjoy playing in front of them in Vancouver".
Davies will stay with Vancouver through the MLS season, as he can not sign with Bayern until his 18th birthday (Nov. 2).
"This is a landmark transfer for our club, country, and league", said Whitecaps FC co-owner Jeff Mallett.
The Whitecaps left Davies out of their squad for last weekend's game, and the MLS site reported he was already in Philadelphia, where Bayern will play Juventus in the International Champions Cup on Wednesday.
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Davies, who has three goals and eight assists in 20 games this season, was named to the MLS All-Star team and will still participate in the game against Juventus on August 1.
Now in his third season under head coach Carl Robinson, Davies has recorded seven goals and 11 assists in 35 starts and 68 appearances across all competitions since making his first-team debut in June 2016.
Speaking to the official club website on the announcement, Bayern sporting director Hasan Salihamidzic said: "Alphonso Davies is a very great talent". At only 17, he promises a lot for the future. Alphonso already possesses great ability, which is why a lot of top clubs were keen on him.
The transfer also includes a 15 percent sell-on clause, which will give the Whitecaps a percentage of any future sale of Davies by Bayern.
"If the opportunity comes, I think as a developing young player I want to go somewhere where they'll play me in their first team", Davies told Yahoo. Federation Internationale de Football Association rules forbid players under the age of 18 from joining a foreign club.