The midfielder has become increasingly frustrated at Old Trafford having failed to earn a single league start under Jose Mourinho this season, prompting the Portuguese boss to agree to let him go.
The 27-year-old, who joined United in the summer of 2015 from Southampton for £25m, was the subject of an £18m bid from West Bromwich Albion earlier in January. But after the Red Devils rejected the bid, Everton decided to step up their interest and Schneiderlin was allowed to attend the club's training ground for initial medical tests last Friday.
And now the two clubs have come to an agreement which will see the Merseyside outfit pay £22m up front for the France international, with a further £2m due to be handed over in the event of stipulated targets being met over the course of his contract at Goodison Park.
Schneiderlin has played a total of 47 games in his 18 months with United, but has started only three cup matches in 2016-17. Incidentally, his only goal for the club came in the 3-0 win at Everton in October 2015.
Should the player agree terms with Everton, Schneiderlin would link up once more with the Toffees' boss Ronald Koeman, who was his manager at Southampton during 2014-15.