Scudamore believes that "nobody has been a bigger star" than the Scot, whom he describes as synonymous with the Premier League.
"The Premier League only started in 1992 and its absolute leading club and standard-bearer has been Manchester United," he told Sky Sports News. "When you look at football, it's about players, it's about managers, it's about individuals but nobody has been a bigger star on our stage than Sir Alex Ferguson.
"It's an unbelievable impression that he's made on those 21 years and you can't talk about the Premier League without talking about Sir Alex Ferguson."
Scudamore admits that he is shocked at the timing of the 71-year-old's announcement but feels that the opportunity that Sir Alex has left to carry on his legacy can only be a positive thing for English football.
"I'm very shocked and very surprised. It's one of those things you know is going to happen someday but you never really expect it," he continued.
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"It's a huge gap and a huge role to fill. It's not a question of Sir Alex's shadow being over the club; his whole legacy makes it a huge opportunity for somebody."
Meanwhile, FA Chairman David Bernstein lavished similar praise on Sir Alex, describing him as "one of the greatest managers of all time."
An FA statement from Bernstein 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."