Despite recently turning 35, Giggs is still regarded as a match-winner by Ferguson whose injury-hit side can move three points clear in the Premier League with victory at West Bromwich Albion on Tuesday.
"He could win the Footballer of the Year award," Ferguson told United's website on Monday. "And it would be fitting if he did after the career he has had."
With a long injury list including Wayne Rooney, Rio Ferdinand, Patrice Evra, Anderson and Owen Hargreaves, the experience of players like Giggs and Paul Scholes will be invaluable as United seek their third title in a row.
"Ryan will be offered a new contract, of course," Ferguson said. "He has been fantastic for us this season -- he seems to be getting even better with age.
"He seems to be one of those rare people who find that age and injuries don't catch up with them."
Giggs, who broke United's record for appearances in last season's Champions League final, has 10 league winners' medals amongst a sackful of silverware and knows the value of eking out victories in potentially tricky away games.
"We've just got to approach every match with the right attitude otherwise we'll get beaten," Giggs said before Tuesday's trip to West Brom.
"We're just focused on getting the three points and staying top. Once you hit the front you want to stay there and that's definitely our aim."
United are seeking an 11th consecutive clean sheet in the league, a record run stretching back to November 8 when they lost 2-1 at Arsenal.
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