Paolo Guerrero, one of the stand-out performers at last year's Copa America, moved to Germany in 2002, spending four years at Bayern Munich before moving to Hamburg in 2006, ESPN reported.
Hamburg sports director Frank Arnesen confirmed that a deal had been agreed with the Brazilian side, who have a well documented ambition to recruit a new centre-forward this summer.
"Both teams have agreed on the transfer," Arnesen told reporters. "It is a big thing for Paolo to play for such a club and we wish him all the best."
Corinthians were recently crowned South America's best side, but have since seen a host of their players targeted by European sides. They were previously linked with moves for strikers Carlos Tevez, Diego Forlan and Nilmar.
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