The German midfielder could complete his move as early as next week depending on the progress of a visa application and a successful medical.
Schweinsteiger arrived at Old Trafford from Bayern Munich in 2015 and has made 35 appearances for the club - although he has been limited to just four this season after falling down the pecking order under Jose Mourinho.
He has signed a one-year deal with Chicago worth a reported $4.5m with the option for another year.
It is understood Schweinsteiger has been allowed to leave now because there was a danger the offer may not have remained on the table until the end of the Premier League season.
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