Sky sources understand the deal is initially four years with the option of an extra year, and the fee is believed to be around £25m.
United announced the news on social media, tweeting: “MUFC has reached an agreement with PSV Eindhoven and Memphis Depay for the player’s transfer, subject to a medical.
“Pending the successful completion of the medical, the deal will go through once the transfer window opens in June.Manchester United @ManUtd.”
Depay tweeted: “I always say; Dream, Believe, Achieve. I was dreaming and believing of becoming the champions of the Eredivisie with @PSVand we achieved it.
“I’m extremely grateful towards PSV, all the fans, for believing in me. Now it’s time to set my goals again on winning trophies with @ManchesterUnited.
Marcel Brands, PSV’s technical director, said: “We are very proud of this transfer.
“Memphis has come up through all the PSV teams from the youth academy and has played an important part in winnng the title this year."
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