The 20-year-old academy graduate has made four senior appearances for the Red Devils, including three Premier League outings and one in the Carabao Cup.
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Wheatley gained valuable experience during loan spells with Walsall, Northampton Town and Bradford City.
"I played against Lincoln last season and didn't really enjoy it, so I'm glad to be part of the team now," Wheatley told the club website.
"I've had some loans over the past 18 months. I started in League Two, then last season League One so am looking forward to stepping up to the Championship."