The Frenchman is expected to move to Goodison Park for £22m with possibly another £2m to come in add-ons. He is set to undergo a medical on Wednesday.
Schneiderlin has only started three games this season – the last coming in the 2-1 Europa League defeat to Fenerbahce in November.
The 27-year-old joined United from Southampton in a £24m deal in July 2015. He made 39 appearances under Louis van Gaal last season.
But he has failed to win over Jose Mourinho and has been allowed to depart after just 18 months at the club.
Schneiderlin’s move could be followed by Memphis Depay’s exit. Everton are also interested in the Dutch winger, but United have made it clear they will not sanction cut-price deals this month.
Having almost made their money back on Schneiderlin, they will only let Depay leave if they receive an acceptable offer.
The 22-year-old was left out of the squad to face Hull City in the League Cup semi-final on Tuesday night with Mourinho insisting he will not feature until his future is cleared up.