The Premier League giants unveiled Netherlands winger Memphis Depay on Friday and are following up the capture of the former PSV winger with the signing of the German World Cup winner.
Schweinsteiger has just one year remaining on his current Bayern contract and has commanded a transfer fee in the region of £12 million.
"My colleagues at Manchester United have been in touch," Rummenigge told reporters at a press conference on Saturday. "We've reached an agreement over a transfer. Bastian wants to do something new at the end of his career. He asked that we meet his wishes.
"I regret that he wants to leave because Bastian is one of the best-performing players that we have. He has done great things with the club, I can only wish the best for him. The national team can only benefit from this, I'm convinced he'll play well at Old Trafford."
Manchester United subsequently released a short statement on their official website confirming the transfer pending a medical and contractual terms.
"Manchester United is delighted to announce it has reached agreement with Bayern Munich to sign midfielder Bastian Schweinsteiger, subject to a medical and personal terms," the club stated. "A further announcement will be made when the process is complete."
United have offered the 30-year-old a three-year deal and wages of £180,000-a-week, a salary in line with his current earnings at Bayern, as well as a £4m signing-on fee.
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