Sharp was sold to the Iron in 2005 by Sheffield United for a mire £100,000 but now looks set to leave Glanford Park for no less than £2,000,000. However there is a 25% sell on clause which goes to the Blades.
Last week Scunthorpe accepted a bid from Norwich City but Sharp refused their offer, with the understanding that the Blades would come in for him.
It now looks as though the Blades have stepped in and beaten Championship rivals Wolverhampton Wanderers, Sheffield Wednesday and Norwich City to the League One top goals scorer.
Terry Robinson said; "Everything has been agreed, we just have to formally conclude the deal with Scunthorpe.
"I can't disclose the length of his contract or the transfer fee at this stage, but we will be making a statement in due course.
"The news has only come out because he's told Sheffield Wednesday he's not going there and we've had to make a brief announcement."