An announcement could be made on Thursday.
Ferguson, 71, revealed his decision to step down after nearly 27 years at Old Trafford on Wednesday.
Fellow Scot Moyes
, 50, who has been in charge at Goodison Park since 2002, held talks with Toffees chairman Bill Kenwright on Wednesday evening.
Moyes is expected to tell the Everton players and staff of his decision to join United at a training ground meeting on Thursday morning.
He could still lead Everton out at Goodison Park against West Ham on Sunday for what would be his final home game in charge.
The former Preston boss was installed as bookmakers' favourite to become the next United boss following a rush of bets over the weekend, even before speculation mounted about Ferguson's retirement.
"He's cut from the same cloth," said former United captain Steve Bruce.
"It wouldn't surprise me if he got the job and I'm sure he would be very successful.
"He's not had huge finances but he has still managed to put an Everton team together that comfortably finishes in the top 10."
Former United assistant manager Steve McClaren also believes Moyes is the right man for the job.
"He's a winner and has a work ethic similar to Sir Alex," the ex-England manager told BBC Radio 5 live. "He's also built a dynasty and legacy at Everton.
"He's waited many years for this opportunity and I hope he gets it."
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