Manchester United have won the race for Memphis Depay after the player and his agent held successful talks with Louis van Gaal over a deal worth £25million.
United and PSV have confirmed the transfer and Depay, 21, will move to Old Trafford - pending a medical - when the transfer window opens in June.
Van Gaal's side only showed concrete interest in Depay at the last minute, so much so that their sporting director was sure he was going to sign for Paris Saint-Germain.
Manchester United have won the race to sign PSV star Memphis Depay in a deal worth £25million
United said via the club's official Twitter page: 'Manchester United has reached an agreement with PSV Eindhoven & Memphis Depay for the player's transfer, subject to a medical.
'Pending the successful completion of the medical, the deal will go through once the transfer window opens in June.'
Depay took to Twitter on Thursday afternoon and said: 'I'm extremely grateful towards PSV, all the fans, Under Armour and SEG Football for believing in me.
'Now it's time to set my goals again on winning trophies with Manchester United.'
PSV boss Philip Cocu announced the move to his squad on Thursday morning.
However, sporting director Marcel Brands admitted he was surprised by the late move from Manchester, and says it was a 'whirlwind transition'.
'If you had asked me two days ago where Memphis was going to go I would have said PSG,' he told omroepbrabant.nl. 'The British were very late with a concrete offer.
"Actually, there is only in the last 48 hours there is a transfer to Manchester United. It has become a whirlwind transition. But ultimately the player decides where he wants to go. And that's become Manchester.'
He also told PSV's official website: 'We are very proud of this upcoming transfer. Memphis has gone through all the teams of the PSV youth academy and has played an important part in us winning the league title this season.
'He's a wonderful product of our club. He'll make a good transition to a magnificent club in a beautiful competition. We obviously lose a fantastic player, who is of great value to the team but we are very happy to grant him this move.'
Despite reports that the player and his entourage had already visited United's Carrington training complex for meetings with club officials, it is understood no meetings had taken place.
United posted their interest formally last month when executive vice chairman Ed Woodward telephoned PSV Eindhoven.
Liverpool had also enquired about Depay and seemed to be battling PSG for the Holland international.
However, Depay and his agent Kees Ploegsma are understood to have met Van Gaal over the last few days to discuss a prospective move to Old Trafford and how he would fit in to United's plans.
Depay confirmed that a number of other clubs were keen on his signature but he only had eyes for United.
'It was an exciting and pretty hectic period, and to have a choice between so many top clubs doesn't make it any easier. For me, Manchester United is an absolute dream club, so I didn't need any convincing from the guys who already play at Manchester United,' he told the SEG Football Facebook page.
'They told me only positive things and I'm looking forward to playing with my Dutch team-mates next to all the other great players of Manchester United. And working with manager Louis van Gaal again is also a big bonus.
'Yes [a lot of clubs were interested in me]. In the end it was just a matter of feeling, not a matter of money.'
Depay celebrated winning the Eredivisie with PSV (left) and appeared at the World Cup with Holland
Depay celebrates scoring for Holland against Chile during the groups stages at last summer's World Cup
He added: 'I've learned so much at PSV, not only on the pitch but also as a person. That makes me grateful, but I really felt it was time for me to move on. And you can't deny the interest of a club like Manchester United.
'I'm proud of winning the title with PSV. It's something the fans deserved, and something I wanted so bad as well. I wish the club all the best for the coming season, and hopefully they're lifting a trophy again next year.'
Depay has scored 24 goals in 35 games this season. PSV are already considering Heerenveen's Sweden Under 21 international winger Sam Larsson as his replacement.
Sparta Rotterdam, Depay's club before moving to PSV in 2006, will get around £55,000 as part of the fee.
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