Angelo Henriquez (centre) will leave Manchester United permanently next summer
The Old Trafford club accepted a bid for just £780,000, according to the Manchester Evening News.
Henriquez, 20, failed to make a single appearance during his two-and-a-half year spell in Manchester, having arrived at the club from Club Universidad de Chile.
He was fielded out on loan to Wigan six months after signing for United and scored once in four substitute league appearances.
QPR v Manchester United - Premier League Preview
He bagged six goals from 25 league outings for Spanish side Zaragoza last season and since August 2014 has been on loan at Zagreb.
"We have bought him outright for €1m (£780,000)," Dinamo coach Zoran Mamic told Prensa Football. "We have already signed a contract with him for the summer.
"There is no doubt it is ours and the deal is resolved."
We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. Read our Privacy Policy