News has just filtered in that the player has successfully completed a medical and agreed terms with the club.
The player will sign on the dotted line when he returns from a family holiday in Canada, and become a Manchester United player on July 1.
Revealed the club in a statement:
"Manchester United is delighted to announce that it has agreed terms with FC Bayern München for the transfer of Owen Hargreaves.
"The player has also agreed terms with the Club and passed his medical.
"Owen will formally sign his contract with Manchester United when he returns from his holiday at the end of June and will join on 1st July 2007."
This brings to an end a saga that has been running since last summer, with Sir Alex Ferguson finally managing to sign his midfielder after coming close twice.
Manchester United have been lacking a true defensive midfielder ever since Roy Keane's departure, and with Hargreaves also able to play at right-back (another position they want to cover), it is a deal that has only positives for the Red Devils.