The British billionaire is set to purchase 25% of the 20-time English champions for around £1.4bn, with Sheikh Jassim bin Hamad Al Thani withdrawing from the takeover race over the weekend.
Ratcliffe and his team are set to assume control of the sporting side of the business, although a recent report claimed that his arrival will not automatically boost the club's transfer budget.
The owner and founder of the INEOS Group is said to be hopeful of completing a deal within the next two weeks, with only the final details needing to be addressed.
According to ESPN, Ratcliffe is eager for the Red Devils to be active during the January market, with the billionaire believing that a major signing would appease the fans, with many likely to be frustrate that the Glazer family are remaining in control for the time being.
Ratcliffe is said to be planning to complete a gradual takeover of the club, viewing purchasing 25% as an important first step towards achieving control.
However, there remains uncertainty when it comes to the size of Man United's January budget, as the club are working to the strict rules surrounding Financial Fair Play.
The Manchester giants were able to be active over the summer despite the restrictions, bringing in Rasmus Hojlund, Mason Mount, Andre Onana, Altay Bayindir and Jonny Evans, while Sergio Reguilon and Sofyan Amrabat made the move to the club on loan.
Jadon Sancho is still training away from the first team at Old Trafford due to his falling-out with head coach Erik ten Hag, while there is uncertainty surrounding Anthony Martial's future.
As a result, a new attacker could be required in January, and Ratcliffe is believed to be eager for the club to flex their muscles when the winter window opens for business.
January remains a very difficult market, with clubs reluctant to let important players leave in the middle of the season, but Andy Cole, Nemanja Vidic and Patrice Evra are examples of success stories for the club in the winter market.
Sheikh Jassim would allegedly have been looking to sign Paris Saint-Germain's Kylian Mbappe and Bayern Munich's Kingsley Coman next year if he completed a takeover of the club.
However, the Qatari banker has now dropped his interest, having become frustrated with the lengthy process, and it is understood that the Glazers made it clear that a full sale was no longer a possibility.
Man United's international players will gradually return to training over the next two days to prepare for Saturday's Premier League clash with Sheffield United.