The club has acquired nearly all the land needed for a 100,000-capacity venue that would become the largest sporting arena in the UK.
The 25-acre site, located approximately 350 metres north-west of the existing Old Trafford stadium, was purchased from Indurent, an industrial space provider and Blackstone portfolio company.
Collette Roche, chief executive of Manchester United’s New Stadium Development, said: "Today’s news highlights the progress we’re making towards a world-class new home for Manchester United and represents a significant milestone as we move into the next phase of development.
CEO, Manchester United’s New Stadium Development (Image: Manchester United)
"Being able to build so close to Old Trafford allows us to preserve the heritage, traditions, and rituals that are so important to our fans.
"We are committed to building a world-class stadium with our supporters, not just for them, with atmosphere, affordability, and accessibility at the heart of our thinking."
The club is working closely with Trafford Council and the Old Trafford Regeneration Mayoral Development Corporation (OTRMDC) to ensure the new stadium fits within the wider redevelopment plan for the area.
Manchester United is one step closer to getting a new stadium (Image: Manchester United)
The larger 370-acre regeneration scheme aims to create 15,000 new homes, including affordable housing, and generate 48,000 new jobs locally and more than 90,000 nationally.
It is expected to add more than £7 billion a year to the UK economy.
Ms Roche said: "This is a generational opportunity that is fully aligned with both local and national growth ambitions.
"Securing the right land for our new home has been absolutely critical, and the land we’ve acquired gives us the stage to deliver a truly world-class stadium that honours our past and is ready for our future."
The OTRMDC will reveal more details of the stadium site and launch a formal consultation period when it publishes its regeneration vision on July 9.