Wheatley, 20, has been with United since his youth days and made three league appearances for the first team during the 2023-24 season, but has otherwise spent recent years out on loan gaining senior experience.
He spent time at Bradford City during the second half of last season after an earlier spell at Northampton Town, and is contracted to United until the summer of 2028.
According to transfer journalist Fabrizio Romano, Everton are preparing a formal proposal and are set to open concrete talks with Manchester United in the near future over a deal for the young striker.
Everton finished 13th in the Premier League last season, and David Moyes continues to look for promising young talent capable of adding depth to his forward options alongside Thierno Barry and Beto, with Barry himself subject to separate interest from RB Leipzig.
Wheatley scored three goals and added four assists in 25 League One appearances during his loan spell at Northampton before a quieter stint at Bradford, where he failed to find the net in 11 outings, though he remains highly regarded within United's academy setup, having previously won the club's Jimmy Murphy Young Player of the Year award.
The interest also carries a personal connection: former United academy director Nick Cox, who oversaw Wheatley's development at Old Trafford, recently joined Everton, and is expected to have played a role in identifying the striker as a target.
United, for their part, have yet to indicate whether they would be willing to sanction a permanent departure for a player they still rate highly, though his contract situation means any deal would likely require Everton to pay a transfer fee rather than negotiate a free exit.