The Manchester United supremo, who has won 38 trophies during his reign at Old Trafford, is stepping down after 26 years at the club and will become a director and ambassador.
During his time with Manchester United, he has won 13 league titles, two Champions Leagues, five FA Cups and four League Cups.
"It was important to me to leave an organisation in the strongest possible shape and I believe I have done so," said Ferguson, who'll undergo hip surgery in the summer. "The quality of this league winning squad, and the balance of ages within it, bodes well for continued success at the highest level whilst the structure of the youth set-up will ensure that the long-term future of the club remains a bright one."
Everton's David Moyes is the bookmakers' favourite to take over.
The legendary Scot began his managerial career as a 32-year-old at East Stirlingshire following a playing career that saw him score 170 goals in 317 games for several Scottish clubs, including Glasgow Rangers. He soon moved to St Mirren, where he won the Scottish first division title in 1977 – his first trophy.
After that he took over at unfashionable Aberdeen and turned them into a major force in Scottish football, winning three Scottish titles, four Scottish FA Cups and one League Cup. He also famously won the European Cup Winners' Cup in 1983, beating Real Madrid 2-1 in the final.
He managed Scotland in the 1986 World Cup following the death of Jock Stein although he was unable to take his country past the group stages.
Later that year he scooped the United job, taking over from Ron Atkinson on 6 November 1986.
The rest is history.
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