Having retired at the end of the 2010-11 campaign, Scholes made a shock return to Old Trafford in January and has since made seven appearances.
Such has been his impact that Harry Redknapp, widely expected to take charge of England this summer, recently compared him to Xavi and Andres Iniesta and said the 37-year-old would be a great asset to his country at Euro 2012.
Ferguson feels that idea is highly doubtful, but he maintains that Scholes could play on another campaign.
"Do you really honestly believe that? I don't think there's any chance," Ferguson said. "His reason for refusing last time was that it was late in the day and he felt that it was fair for the players who had got them there to be involved.
"To play for England after eight years would be a big step. I think Paul will be concentrating [on United] - if he decides to go on of course. That is not settled yet, but with the form he is showing at the moment, there is no reason for me to think he couldn't do another season."
Ferguson also revealed he attempted to talk Scholes out of retirement last summer, but the midfielder decided instead to take on a role coaching the club's reserve side.
"I said to Paul he could play 25 to 30 games for me this season but he felt it was not enough and decided to retire," Ferguson said. "Although there are a few players who by looking after themselves can get into their 30s really easily, I felt I was being sensible and honest with Paul because that was the future.
"When he decided to come back I was delighted. He started training very hard in the couple of months before he came to see me because he had obviously realised he had made a mistake. He has come back refreshed and enthusiastic. He brings order and class to the team. Barcelona talk about Xavi the way we talk about Scholes."