The sponsorship deal, believed to be worth £15m a year for four years, dwarfs the previous £9m-a-year mobile giant Vodafone was paying.
An announcement is expected from the Glazer family, who controversially took over the world's most famous club for £800m last year, in the next few days.
Mansion is understood to have beaten Middle Eastern airlines Qatar Airways and Air Etihad to win the race.
US tycoon Malcolm Glazer's son Bryan Glazer, who was responsible for the commercial resurgence of American football team the Tampa Bay Buccaneers, headed the search for a sponsor -- believed to be the biggest sponsorship deal to date.
Earlier this year, Chelsea signed a £50m contract with electronics group Samsung and Arsenal has a £100m agreement with Emirates until the end of 2020/2021 season.
The £60m contract would go some way towards helping Manchester United reclaim the title of the world's richest club. According to this year's Deloitte Football Money League, Man United has been replaced as the richest club by Real Madrid.
The club's search for a new sponsor began in November when mobile phone giant Vodafone ended its £36m deal two years early. Electronic goods manufacturer Sharp was a previous sponsor.
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the .