The midfielder has been linked with a transfer to the Red Devils throughout January and a breakthrough in negotiations has now been made, according to Simon Peach at the PA:
Paul Hirst at the Times offered some more detail on the deal and also reported that Fernandes is expected to arrive in Manchester for a medical on Thursday:
Journalist Fabrizio Romano reported Manchester United have submitted an official bid for the Portugal international and are confident they can seal a deal before the transfer windows closes on Friday:
Fernandes is due to sign a four-and-a-half year contract at Manchester United that will run until summer 2024, according to journalist Peter Hall.
Sporting's original asking price was €80 million (£68 million), which the Red Devils refused to pay, per Simon Stone at BBC Sport.
However, Samuel Luckhurst at the Manchester Evening News noted the final fee could still reach €80 million:
Samuel Luckhurst @samuelluckhurst
Fernandes fee could eventually reach €80m but dependent on individual milestones player achieves at #mufc, which would trigger a €15m add-on. United always felt there was a chance Sporting Lisbon would yield due to financial issues at the club and need for €, hence lateness.
His arrival will be a big boost to a Manchester United side who have endured another disappointing season in 2019-20, which has highlighted the lack of quality in Ole Gunnar Solskjaer's side.
The Red Devils are in fifth place in the Premier League, a distant 33 points behind leaders Liverpool, and face a fight to finish in the top four and secure UEFA Champions League football for next season.
Fernandes' arrival will strengthen a midfield weakened by injuries to Paul Pogba and Scott McTominay.
The 25-year-old has been a key player for Sporting, notching up 20 goals and 13 assists last season from midfield and has continued in a rich vein of goalscoring form this season:
Fernandes' future has created plenty of speculation as the close of the window approaches. La Liga champions Barcelona were credited with an approach for the midfielder as part of a deal to land Valencia striker Rodrigo.
Sky Sports reported Barcelona wanted to sign him in the summer but would loan him to Valencia for the rest of the season and were willing to match Sporting's valuation.
But it appears Manchester United have finally secured the Portugal international's signature in what will be the biggest Premier League transfer of the January window so far.