The current English, European and World champions currently have 17 English league titles, one behind arch-rivals Liverpool's 18, who were last crowned champions in 1990.
However, Ferguson says retaining the Champions League - something no team has done since the competition was re-named from the European Cup in 1992 - takes presidence over potentially completing a quadruple or equalling the number of league crowns won by their north-west adversaries.
United face Jose Mourinho's Serie A leaders Inter Milan over two legs for a place in the last eight of the competition.
"Is there a priority? The European Cup," Ferguson told the Daily Star. "I think there is an opportunity to draw level with Liverpool's 18 titles. But when you look at our record in Europe, it should have been better.
"Nobody has defended the Champions League since the new format, so that's a great challenge to us. We're at that time of the season when I expect the players to kick on. I've seen it over the years. We've not always excelled in the last part of the season and sometimes we've lost leagues in the run-in.
"But in most cases, the players tend to respond and the present group seem to have a gear they can bring out. There is always a challenge and more expectations but the players have always made life easier for me.
"We are this year fighting on all four points. The challenges never stop and that means there will still be a lot of passion and hunger for more success."
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