Wheatley moves to Northampton on-loan for the season.
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"He has played in the Premier League for Manchester United at the age of 18 and you don't do that without having a lot of ability," Northampton boss Kevin Nolan told the club website.
"I have seen enough of him to know what he is all about, what his attributes are and to believe that he can come in and be a good addition for us."
Wheatley spent the second-half of last season on-loan with Walsall.