Rumours about Ferguson's future at Manchester United began to circulate at the club's golf day on Tuesday and were widely carried in Wednesday's newspapers all around the U.K.
And at 9.15am, United made the announcement on their website that English football's most successful manager will call time on a 26-and-a-half-year reign this summer.
71-year-old Ferguson's decision comes just days after he secured his 13th Premier League title, and he also delivered two UEFA Champions League titles, five FA Cups, four League Cups and a European Cup Winners' Cup.
He will stay on at Old Trafford as a director and a club ambassador.
In a statement, Ferguson said: "The decision to retire is one that I have thought a great deal about and one that I have not taken lightly. It is the right time.
"It was important for me to leave an organisation in the strongest possible shape and I believe I have done so. The quality of this league winning squad, and the balance of ages within it, bodes well for continued success at the highest level whilst the structure of the youth set-up will ensure that the long-term future of the club remains a bright one.
"Our training facilities are the finest in global sport and our home Old Trafford is rightfully regarded as one of the leading venues in the world.
"Going forward, I am delighted to take on roles of both Director and Ambassador for the club. With these activities, along with my many other interests, I am looking forward to the future.
"I must pay tribute to my family, their love and support has been essential. My wife Cathy has been the key figure throughout my career, providing a bedrock of both stability and encouragement. Words are not enough to express what this has meant to me.
"As for my players and staff, past and present, I would like to thank them all for a staggering level of professional conduct and dedication that has helped to deliver so many memorable triumphs. Without their contribution the history of this great club would not be as rich.
"Over the past decade, the Glazer family have provided me with the platform to manage Manchester United to the best of my ability and I have been extremely fortunate to have worked with a talented and trustworthy Chief Executive in David Gill. I am truly grateful to all of them.
"To the fans, thank you. The support you have provided over the years has been truly humbling. It has been an honour and an enormous privilege to have had the opportunity to lead your club and I have treasured my time as manager of Manchester United."
*As a Manchester United fan, I am a bit down on hearing this news that the old war horse is set to quit.. I just hope we get it right by appointing a suitable manager for our great club*
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