Wilfried Zaha will have contract talks and undergo a medical with Manchester United in the next 48 hours.
United have been given permission to speak with the England international by Crystal Palace and he will travel north with his advisor Will Salthouse to conclude the deal.
It is anticipated the 20-year-old will immediately be loaned back to Palace for the remainder of the season.
Sir Alex Ferguson is a long-time admirer of Zaha and last week watched him in Palace's FA Cup third round replay defeat at Stoke.
Ferguson watched Zaha at Stoke last week
In addition, Ferguson's assistant Mike Phelan was at Burnley for a recent Championship game, and with Arsenal manager Arsene Wenger confirming earlier this week that the Gunners were not interested in the young wide-man, United had the way clear to seal a deal.
There was a brief delay as the Red Devils were unable to conclude the transfer in the same manner in which they secured the services of Chris Smalling from Fulham two years ago, when they agreed the deal but left him to finish the season at Craven Cottage before completing the transfer.
However, those issues have now been resolved and the deal is expected to be finalised before the weekend.
Born in the Ivory Coast, he emigrated to England with his family when he was just four.
His footballing prowess was soon obvious and after joining Palace's youth ranks he eventually made his debut in March 2010 against Cardiff.
Zaha has gone on to become a key component of Palace's promotion push, which is why manager Ian Holloway was so keen for him to remain with the club for the remainder of the season.
Wilfried Zaha tweeted this picture of himself as a child shortly after joining Crystal Palace
His performances at club level were good enough to attract the attention of Roy Hodgson, who handed him an international bow in Sweden last November.
Having already appeared for England at youth level, Hodgson is optimistic Zaha sees his future with the Three Lions, although until he makes a competitive appearance, he has the option of playing for Ivory Coast.