18-year old forward, Angelo Henriquez has been on United's radar for a while, with a first option agreement between the clubs in place for some time.
Sir Alex Ferguson is delighted to have secured one of the hottest talents in South America, with Henriquez scoring 11 goals in 17 games for Universidad de Chile this year.
"Angelo has made a tremendous impact on the game in his short career so far," Ferguson told the club’s official website.
"His pace is a great asset and he reads the game really well for someone of such a young age.
"We have a proud record of developing young talent and Angelo fits the profile of a United player – skilful, attacking and someone who plays the game with real flair."
Henriquez himself is delighted at the prospect of playing for United, and will be hoping to replicate the success Javier Hernandez has had in England since moving from Mexico.
"I am thrilled to be joining the biggest club in the world. Manchester United is a great team and has a great manager," Henriquez said.
"To be able to be part of that is a huge honour and I can't wait to get started. I hope I can be part of many successful years with United."