The 38-year-old will call time on his Red Devils career for the second time after coming out of retirement in January 2012 amid an injury crisis at Old Trafford.
Scholes has won 11 Premier League titles, three FA Cup crowns, two League Cups and the Champions League twice during a 20-year career at the Red Devils.
Ferguson said: “Paul is a truly unbelievable player. He has always been fully committed to this club and it has been a real privilege to work with him for so many years.
“Paul will play at Old Trafford on Sunday against Swansea and will collect an unbelievable but well-deserved 11th Premier League medal.”
Scholes, who has made 716 appearances for United, backed the 20-time English champions to continue their success under new boss David Moyes.
“Yes, I am finally hanging up my boots for good! Playing football is all I have ever wanted to do, and so to have had such a long and successful career at Manchester United, under the greatest manager of all time, has been an honour,” Scholes added.
“The team has the right balance and will continue to thrive under the leadership of David Moyes.”
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news