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Sources: Utd beat Barca to €10m French teen

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Nicol: Man United's No. 1 goal is to bring in money (1:15)

Steve Nicol says Manchester United prioritise making money over winning, and it shows when you look at their starting XI. (1:15)

Manchester United have beaten competition from Barcelona and Bayern Munich to sign teenage French midfielder Hannibal Mejbri from Monaco.

The 16-year-old attacking midfielder will cost United €10 million, sources have told ESPN FC, with half due to the Monaco up front.

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Tottenham and Leicester were also keen on Mejbri but the youngster has chosen to move to Old Trafford and will be part of Neil Ryan's under-18 team when he receives international clearance from FIFA.

United have also announced new contracts for a number of academy players. Goalkeeper Paul Woolston and central defender Luca Ercolani, both members of the club's under-23s, have penned new deals.

Meanwhile, Johan Guadagno, 16, a goalkeeper, has signed from Swedish club IF Brommapojkarna, alongside Dillon Hoogewerf, who has joined from Ajax.

Mateo Meija has also arrived from Spanish side Real Zaragoza. Along with Mejbri, United are also awaiting approval from FIFA for the signing of Bjorn Hardley, who was at NAC Breda.