The transfer has not yet been finalised but Elche president Jose Sepulchre says they have struck deals with both Macheda and United.
Macheda has been linked with a number of clubs after falling down the pecking order at Old Trafford this season following the summer arrival of Robin van Persie.
Wayne Rooney, Danny Welbeck and Javier Hernandez are also at the club and Macheda has been starved of opportunities, but Sir Alex Ferguson would still like him to play regularly.
Stuttgart expressed an interest in taking the Italian on loan earlier this week, but it appears Spanish second division side Elche are in pole position to secure his services.
Sepulchre told Efe: "The agreement between the three parties is complete, but we still cannot say that the player will come because nothing has been signed yet."