Manchester United have informed the Stock Exchange they have reached an “outline agreement” to sign England striker Wayne Rooney from Everton.

Rooney arrived at Manchester United’s training ground earlier today to undergo a medical before completing the formalities of a £25m move.

The clubs have yet to confirm the deal has been agreed, but Rooney’s arrival indicates that a move is imminent.

Everton are still pressing for the highest possible transfer fee.

“We have always said we are looking for the best available deal for the club,” said Everton spokesman Ian Ross.

Bill Kenwright, the Goodison Park chairman, met Manchester United chief executive David Gill for talks after yesterday’s 0-0 draw between the two clubs. Everton manager David Moyes was also present as the parties tried to thrash out an agreement.

While the pair departed with the situation as yet unresolved, negotiations resumed last night over the chunk of the transfer directly related to the player’s and United’s future success.

As it stands, the Everton chairman is prepared to accept United paying the main transfer fee in two instalments with £10m to be delivered up front and another £10m due next summer. The remainder will of the fee fee will be triggered by appearances with Everton also looking for a sell-on clause should United transfer the striker for more than the £25m agreed.

Newcastle also wanted Rooney, who handed in a transfer request on Friday, but Rooney’s interest in a move to St James Park is believed to have dipped following the sacking of Sir Bobby Robson.