Giggs, who made his debut for the club in 1991, continues to make regular appearances for United at the age of 38 and Ferguson believes he still has plenty more to contribute to the club.
"Ryan is a marvellous player," Ferguson said. "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 - the only player to have scored in every season in the Premier League era - will now continue into a 23rd campaign for the club.
Giggs 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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