(CNN)Manchester United has won the race to sign coveted Dutch talent Memphis Depay from PSV Eindhoven, the 20-time English champion confirmed Thursday.
Memphis Depay: Manchester United and PSV reach agreement over transfer
The fee is reported to be in the region of $34 million and Depay will join in June off the back of an impressive season, notching 24 goals in 34 games in all competitions for PSV -- which was recently crowned Dutch champion.
United manager Louis van Gaal is well acquainted with the 21-year-old having included Depay in his squad for the 2014 World Cup while coach of the Dutch national team.
During the tournament, Depay became the youngest Dutch player to score at a World Cup as he notched two goals on the way to a third-place finish.
He becomes the third player to make the switch from PSV to United, following in the footsteps of defender Jaap Stam and prolific striker Ruud van Nistelrooy.
Liverpool was widely reported to be interested in bringing the winger to Anfield but a statement on PSV's website confirmed his move to Manchester.
"We are very proud of this upcoming transfer," said Marcel Brands, PSV's sporting director. "Memphis has gone through all the teams of the PSV youth academy and has played an important part in the national title this year.
"He's a wonderful exponent of our training and will make a nice transition to a magnificent club in a beautiful competition. Regarding sports, we lose obviously a fantastic player, which is of great value to the team. But very PSV grants him these wonderful step."
Memphis dropped the "Depay" part of his name from the back of his shirt in an alleged attack on his father, who has been absent from a large part of his life.
The player is due to fly to Manchester on Thursday to complete a medical and finalize the contract.