Ferguson announced on Wednesday morning that he would be stepping down from his position as manager at the end of the season following 26 years at the helm, and will take on roles as an ambassador and director.
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A statement on the club's website read: "Rangers would like to acknowledge Sir Alex Ferguson’s truly astonishing contribution to Scottish, British and World football.
"Sir Alex deserves his place in the pantheon of greats and this Club would like to congratulate him on a wonderful, trophy laden career.
"We hope he enjoys his retirement with his family but the manner in which he dominated the game in Britain will be remembered for ever. Rangers salute Sir Alex."
Current Rangers boss Ally McCoist also spoke about Ferguson, referring to him as a "colossus" in football before suggesting that his compatriot's success is unlikely to ever be repeated.
He said: "His like may never be seen again. Sir Alex has been a colossus and his achievements might never be surpassed.
"He has been at the very pinnacle of the game for so many years and seemed to get better with age. His defeats always seemed to make him stronger and he always bounced back to reach another height.
"But while his total dedication and intense will to win were always obvious Sir Alex also had a sharp sense of humour. When I heard about his decision I sent him a text saying: ‘Gaffer, I hope this isn’t an over-reaction to Monday’s result when Rangers Legends beat Manchester United Legends 4-1’.
"Sir Alex, who built team after team, and not only on the pitch, will be sorely missed by the game.
"Time and again he proved himself a football genius with no equal. We all wish him well, the players, the staff and the fans.