The group have been in negotiations with the non-league outfit for the past month before reaching an agreement on Thursday evening, with the purchase set to be complete in the summer.
Recent reports had linked the ex-United players with an astonishing move to buy the Premier League champions, though they have instead settled for a side playing in the eighth tier of English football.
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A statement read: "Salford is close to all their hearts. Manchester United nurtured and developed them but Salford is where it all began so, when the opportunity arose to acquire Salford City FC, it was one they all wished to pursue.
"They want to put back into the community of Salford and surrounding areas, they want to develop and engage especially at grass roots level."
"I had my first trial for Manchester United in Salford at age 11 and I will never forget how important that was to me," added Gary Neville. "Salford City FC, to me, represents those early years, the commitment, hunger, enthusiasm, desire and spirit of football and I am very excited about this venture."
Scholes remarked: "We know it will be tough but we will be committed to this from the start and have some very exciting plans going forward."