Scholes, along with fellow veteran Ryan Giggs, has continued to feature heavily in United's first team this season, with the former England star playing 20 games in all competitions.
And he will be called into action again on Wednesday, to provide a creative spark in United's midfield for their Champions League last 16 visit to Marseille.
Giggs, 37, has already agreed a new deal to keep him at the club until 2012 and Ferguson is hopeful that 36-year-old Scholes will follow the lead of the Welshman and not former team-mate Gary Neville, who decided to hang up his boots earlier this month.
"I am more than hopeful about Paul signing another contract,'' Ferguson said. "I think he should. His fitness isn't in question. I think Paul feels he has to play all the games.
"It is not a bad thing to be that way but at his age, that is impossible. But he can still play a big part for Manchester United, this season and next.''
Scholes has scored 150 goals in 663 games for United and sits fourth on the club's list of all-time appearance makers, 25 games behind legendary defender Bill Foulkes.