The German international has been out of favour at Bayern in recent seasons and Hoeneß believes Podolski is set to return north once the "finer details" of the deal have been ironed out.
"I'm negotiating with Cologne. Next week I'll resume discussions and I think we'll come to some kind of agreement before the end of the month," Hoeneß told television channel DSF from Dubai where the club are at a training camp.
Cologne earlier offered Bayern €7.5 million for the 23-year-old Podolski, but that offer was rejected. Bayern, who paid €10 million for Podolski in 2006, are hoping to recoup at least that much.