The 34-year-old's deal was set to expire in the summer but he has now agreed to extend his stay at Old Trafford by another 12 months under new boss David Moyes.
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As exclusively revealed by Goal in October, United were preparing to offer the former England international a one-year deal on reduced wages.
The likes of Ryan Giggs, Paul Scholes and Gary Neville have all accepted pay cuts in the twilight of their careers and Ferdinand has now joined them in adhering to this club policy.
The veteran centre-back played a key role in helping United to their 20th league title this season, making 34 appearances for the club and being named in the PFA Team of the Year.
Ferdinand also scored a late winner against Swansea City in Sir Alex Ferguson's final home game as manager, his first goal in over five years.
He has been at the club for over a decade, having joined from Leeds in 2002 for £30 million - a world-record fee for a defender at the time.