Out-going Manchester United Chief Executive David Gill has been speaking to Manchester United TV following the announcement Sir Alex Ferguson is to retire. He said the club's board will take advice from both Sir Alex and Sir Bobby Charlton.
Everton boss David Moyes appears to be the favourite to succeed Sir Alex Ferguson as Manchester United manager.
Jose Mourinho is not a candidate for the position, senior sources have confirmed to the Press Association.
They also say that Sir Alex's successor will have a similar passion for playing attractive football, bringing in top-class players and a strong record in youth development.
FA chairman David Bernstein paid tribute to Sir Alex Ferguson's 27-year reign at Old Trafford.
He said: “Sir Alex Ferguson’s achievements are truly remarkable – he is genuinely one of the greatest managers of all time and certainly of the modern era.
“His contribution to English football has been outstanding in every regard and, in The FA’s 150th year, it is something that should be celebrated.
“On behalf of The FA I’d like to wish him a happy and healthy retirement.”
In an interview with ITV Football earlier this season, Sir Alex Ferguson talked of his admiration for Madrid manager Jose Mourinho.
"I think a testimony to his work is that all of his players want to play for him and that's indicative of a really top manager," he said.
"I would never think a guy who hadn't played the game could be a top coach - but I think you've got to look at his personality.
"He's got a marvellous, strong personality and I think that bridges that gap.
"He's won two European trophies, he's won UEFA, he's won the leagues - he's done it all, so there's absolutely no weakness there," he added.
Former United goalkeeper Peter Schmeichel said he was "shocked" at the news of Ferguson's retirement.
Disappointed, shocked, sad. Didn't think THAT day would be today.
The Prime Minister congratulated Sir Alex Ferguson and said he hoped the Scot's retirement would "make life a little easier" for Aston Villa.
FIFA president Sepp Blatter said Sir Alex Ferguson will be remembered as "one of the greats."
Just heard Sir Alex Ferguson is retiring at end of season. His achievements in the game place him without doubt as one of the ‘greats’.
Was honour to present Sir Alex with Award at 2011 Ballon D’Or. Will his longevity at the top ever be repeated? http://t.co/nITCsCY0sS