The 'Class of '92' minus David Beckham, who is fronting a new MLS franchise in Miami, have been in talks with the non-league outfit for a number of months.
The group have exchanged on a deal to acquire the club subject to FA and League approval.
Gary Neville said: "I had my first trial for Manchester United in Salford at age 11 and I will never forget how important that was to me.
"Salford City FC to me represents those early years - the commitment, hunger, enthusiasm, desire and spirit of football, and I am very excited about this venture."
Scholes added: "We know it will be tough, but we will be committed to this from the start and have some very exciting plans going forward."
If the move goes through, the United legends will take charge in the summer of this year.