Currently working as a consultant in the US for a software company. Moving to UK next year for personal reasons and my company is sponsoring my visa and has offered me a Product Manager position (per my request to make a career change). Currently at 155 TC in the US and not sure how negotiate UK salary for a new position.

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Prepare to get a drop in salary. They will take localization into account when giving you a salary, but it should still be competitive in the UK market. Figure out the range you should be getting and try to negotiate that.

I was in a similar situation and was only able to negotiate about £7K increase in base (which was actually quite low)

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