Tevez had a medical at Old Trafford on Friday morning and the paperwork on his signing for United is expected to go through early next week.

A two-year loan deal is on the table that would cost United around £5million a year and a statement from Tevez's representative said: "Carlos is looking forward to being a Manchester United player and his ambition is close to being achieved.

"We would like to thank Manchester United for all their patience and support throughout."

After his medical in Manchester, Tevez visited United's training ground to meet his prospective new team-mates and club officials.

United are looking at the same sort of loan package that saw Argentina midfielder Javier Mascherano move to Liverpool last season.

That took some weeks before it was signed off by the Premier League but with that transfer having already been picked over by the lawyers, a similar deal for Tevez should go through much quicker but not in time for Sunday's Community Shield game against Chelsea at Wembley.

West Ham emphasised the settlement confirmed they had held the player's contract and registration.

The Hammers said in a statement: "The settlement ends the current litigation taking place between the respective parties and provides for a £2million fee to be paid to West Ham.

"The agreement confirms that West Ham do have a valid player's contract with Carlos Tevez and hold the registration of the player. This will be released once the agreed fee has been paid to the club."

West Ham chairman Eggert Magnusson was relieved the affair has finally been concluded.

He said: "I am obviously pleased that we have finally reached the end of this saga through agreement and common sense.

"All parties involved can now move on and truly focus on the new season.

"I wish Carlos Tevez well for the next stage of his playing career. He is a fine player and I am sure he will be successful wherever he plays football."

The Premier League said they were satisfied that West Ham had behaved in line with their undertakings when they terminated the third-part deals with Joorabchian in April.

That led to a High Court law suit from Joorabchian but did allow Tevez to play the last three games of the season in which he had a crucial role in their escape from relegation.

A statement from the league said: "The Premier League can confirm that its board has received and considered a proposal for the settlement of the dispute between Carlos Tevez and West Ham United.

"The decision of the board, having received leading counsel's opinion, is that the agreement reached is compliant with the rules of the Premier League and consistent with the undertakings given by West Ham United to the Premier League board at various times since April 27, 2007.

"This will lead to the cancellation of Tevez's registration, thereby releasing him to join another club in due course."