ImagoPeru international Guerrero, 28, who has played a total of 161 games and scored 47 goals in Germany's Bundesliga, joined Hamburg in 2006 after a two-year stint at Bayern Munich.
"Both teams have agreed on the transfer," Hamburg sports director Frank Arnesen told reporters. "It is a big thing for Paolo to play for such a club and we wish him all the best."
Guerrero, who has a well-recorded fear of flying, was banned for eight games last season following a violent tackle on VfB Stuttgart keeper Sven Ulreich in March.
