Manchester United's season, already their worst in the Premier League, hit a new low with their 1-0 defeat to Spurs in that final in Bilbao that denied them a spot in this season's Champions League.
Manchester United were dumped out of the FA Cup fourth round
Observers say the transfer could be worth around 25 million pounds.
Ronaldo, who rejoined United a year ago from Juventus, has a year left on his contract.
Cristiano Ronaldo birthday special coverage: Check Cristiano Ronaldo age, stats, total goals, career records, trophies and net worth details.
The victory moved United up to fifth with nine points from five matches, six adrift of leaders Arsenal and four behind second-placed Manchester City. Leicester stay bottom on one point.
One consortium is led by Manipal Hospitals' Dr Ranjan Pai along with US private equity firm KKR and Singapore investment major Temasek. The other is a combine of Swedish private equity firm EQT and Premji Invest, the investment office backed by Wipro founder Azim Premji.
BBC pundit Chris Sutton said United had "hit rock bottom" while his former strike partner Alan Shearer put down the debacle to years of mismanagement at Old Trafford.
Ighalo's current deal with Shanghai runs out in December 2022 and he is expected to sign a new contract until the end of 2024, Sky reported.
IMAGES from the Premier League match played between Brighton & Hove Albion and Manchester United on Thursday.
Liverpool edged closer to Champions League qualification with a 3-1 victory over Crystal Palace at Anfield on Saturday, but the result came with a sour note as Mohamed Salah went off with a suspected hamstring injury.
Liverpool hammered seven past Manchester United to keep their top-four bid alive in the Premier League.
Mikel Arteta insists the Premier League title race "starts again" after Arsenal's 2-1 loss to Manchester City, with five games left and everything still to play for.
Several high-profile football players are facing injuries ahead of the World Cup, raising concerns about their participation in the tournament. Kylian Mbappe, Lamine Yamal, and other stars are among those sidelined, while the packed playing schedule is drawing criticism.
The 35-year-old Rooney posted a picture on Instagram alongside his wife Colleen and 11-year-old Kai, who held up a United No. 10 shirt - the number his dad wore for the Premier League club - with his name on the back.
'Not in the dressing room. Of course there are a lot of rumours but it is not that we get distracted by it.'
A statement from Premier League club on Friday evening read: "Manchester United is delighted to confirm that the club has reached agreement with Juventus for the transfer of Cristiano Ronaldo, subject to agreement of personal terms, visa and medical."
A deal for United is expected to shatter records for the sale of a sports business. The club's current majority owners, the Glazer family, are seeking a valuation as high as 7 billion pounds ($8.42 billion).
Real Madrid are football's biggest earners, Liverpool best in Premier League
Manchester United's hopes of moving second in the Premier League were scuppered as Michael Olise's stunning last-gasp equaliser earned Crystal Palace a 1-1 home draw on Wednesday.
Erik ten Hag will succeed interim boss Ralf Rangnick from next seaso
The Portuguese has endured a difficult time of late at Old Trafford with United slipping to eighth place in the league.
Manchester United have rejected a bid from Real Madrid for striker Ruud van Nistelrooy.
Images from the football matches played on Tuesday.
Goalkeeper David de Gea believes the busy holiday fixture list offers the perfect opportunity for Manchester United to put some pressure on the Premier League's top two clubs.
British media reported the transfer was worth around 1.5 million pounds ($1.98 million). Grant will be a back-up to first-choice goalkeeper David de Gea.
Manchester United got their pre-season off to a flying start with a 4-0 rout of rivals Liverpool in Thailand on Tuesday, giving new manager Erik ten Hag a big boost in his first match in charge.
Manchester United conceded two late own goals to allow Sevilla to snatch a 2-2 draw in the first leg of their Europa League quarter-final at Old Trafford on Thursday.
Erling Haaland scored a hat-trick as Manchester City defeated Liverpool 4-0 to advance to the FA Cup semi-finals. Liverpool struggled after Haaland's opening penalty, with further goals from Semenyo and Haaland sealing the victory.
The 46-year-old Norwegian has guided United to 14 wins in 19 matches in all competitions as caretaker boss since replacing the sacked Jose Mourinho in December.
Kerala Blasters have appointed Ashley Westwood as their new head coach until the end of the current Indian Super League season, replacing David Catala.
Arsenal moved to the top of the Premier League with a comfortable 3-0 win over Fulham on Saturday, extending their lead in the title race.
Manchester United suffered an outbreak of COVID-19 among players and staff on Sunday, jeopardising their next Premier League game against Brentford.
Wayne Rooney urged Arsenal FC to allow teenager Max Dowman to enjoy his moment after he became the youngest goalscorer in Premier League history at 16.
Manchester United is one of the most famous names in world soccer but is currently in crisis
Arsenal restored their five-point lead at the top of the English Premier League with Eddie Nketiah scoring twice in a 3-2 defeat of Manchester United, including a 90th-minute winner.
Arsenal moved nine points clear in the Premier League after beating Everton 2-0 as 16-year-old Max Dowman became the youngest scorer in league history, while Manchester City dropped points at West Ham.
Having set one record as football's most expensive teenager, Manchester United's recent signing Anthony Martial has another one in sight.
Manchester United supporters had mixed feelings on Monday after the club fired Ruben Amorim, with some mentioning relief having grown weary of rigid tactics, strange team selections and confusing press conferences.
City's precision and pace saw them overwhelm United 3-0, with Phil Foden and Erling Haaland making the difference on Sunday.
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