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The supervisory board which approves all transfers and signings made by German club Bayern Munich has given the go-ahead to the team’s purchase of Athletic Bilbao midfielder Javi Martínez. The development was confirmed by Munich Club President Uli Hoeness on Thursday afternoon: “Bayern’s Supervisory Board has given us the green light and I believe we will know over the next few days if the signing will go ahead or not,” said Hoeness.

On Wednesday Bayern denied they were interested in signing Martinez, despite a report in German tabloid Bild which had confirmed the rumour. The team subsequently announced its intention to make a bid for the Athletic midfielder.

The Supervisory Board of Bayern Munich oversees all transfers and the fixing of player prices because any signing can be closed.

The report published by Bild on Wednesday claimed that the club’s signing of Martinez would include full payment of the figure stipulated in his buyout clause, given that Athletic Club President has refused to enter negotiations for his players. As such, Martinez had agreed to take a pay cut of two million Euros per season for a five-year contract, the equivalent of a 10 million Euro saving for Bayern.