The 26-year-old Argentinian has been heavily linked with a move to Old Trafford for some time, but reports since the turn of the year suggested that Sir Alex Ferguson was stepping up his interest in the player.
However, since the veteran Scot decided to call time on his 26-year stint in charge of the club towards the end of last season, the speculation linking Garay with a move in the summer had died down.
However it seems that new boss David Moyes is pushing on with a swoop for Garay and, following some haggling over the fee, the Mirror is claiming a £17million bid has been accepted and they can now open talks with the player over personal terms.
The former Real Madrid stopper, who has 13 caps for his country, is expected to become a long-term replacement for Rio Ferdinand who recently signed a one-year extension at the Theatre of Dreams.
It was also claimed that news of the agreement resulted in a 9% drop in the share price of Manchester United which closed at $15.16 on Wednesday - a decrease of $1.53 from just 24 hours earlier.