“He's a young player with a decent future ahead of him," said Iron manager Brian Laws.
"H is very, very quick and knows where the goal is, he also has a good first touch and links up play very well."
The signing may cast doubt over the future of Brian Quailey who asked for more time to think over a contract offer.
The club agreed, but warned that if they were able to bring in a forward in the meantime the contract offer would be reversed.
Wheatcroft will be hoping for better luck than then last promising young player who came to Glanford Park from Bolton. Peter Morrison has had to retire from the game after suffering a compound fracture of the tibia and fibia.