Rio: He's off to Old Trafford (StuForster/Allsport)

The news brings an end to a long-running transfer saga which has seen Ferdinand have a transfer request refused by Leeds chairman Peter Ridsdale amid mounting speculation that a move to Old Trafford was imminent.

Ferdinand yesterday withdrew from Leeds' pre-season tour of the Far East and Australia, saying the transfer talk had left him 'mentally fatigued and unable to play football'.

It came as Ridsdale imposed a Sunday midday deadline for what he called an 'acceptable' offer for the player to be tabled.

That deadline was later scrapped as talks continued between the Leeds chairman and Old Trafford chief executive Peter Kenyon.

The Elland Road club had already rejected one bid for Ferdinand - thought to be around £29million - and it had been speculated that they were holding out for £35million.

Ferdinand has served only one year of a five-year contract agreed when he moved from West Ham United for £18million.

And a statement from Ridsdale said: 'The increase in Rio Ferdinand's valuation since his £18m transfer from West Ham clearly signals a significant return on our original investment.

'Subject to him agreeing personal terms and passing a medical, he will be a Manchester United player. Everyone at Leeds wishes him all the best in his future career.'

The fee makes Ferdinand Britain's most expensive footballer - just as it did when he moved to Elland Road from the Hammers.