The 21-year old Italian, who has previously spent time on loan with QPR and Sampdoria, is expected to spend the rest of the season with the Segunda Division outfit.
Macheda is way down the pecking order at Old Trafford and is desperate to get some regular first team football.
"The agreement between the three parties is complete but we still cannot say that the player will come because nothing has been signed yet," Elche president Jose Sepulchre told Efe.
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