The 38-year-old Welshman made his Red Devils debut back in March 1991 and has gone on to make a staggering 898 appearances for the club.
Giggs has featured 22 times this season, scoring three goals as he looks to secure his 13th league title at United.
“Ryan is a marvellous player,” said Ferguson. “In many ways, he epitomises all my teams here at United: he has constantly re-invented himself, adapted to the changing nature of the game and retained that desire and hunger for success.
“In every training session and match, he is the example for others to follow. The young players in the dressing room have a great chance to learn from a player who will continue to break records that anyone in the game will find hard to beat.”
Giggs is convinced he will still be able to contribute to the team for the rest of this season and into the next.
He said: “When I signed my first contract, I never thought I’d be able to play at United for 22 years, but I feel good and I know I can still contribute to keeping the team pushing for honours.
“Winning the club’s 19th title was a great feeling but this club is all about what we do next and I’m really pleased I can be part of that.”
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