The former England international's contract expires this summer but the club is reportedly keen on keeping the 34-year-old at Old Trafford.
Ferdinand made 34 appearances in all competitions this season, and was named in the PFA's Team of the Year. His representatives say that negotiations are progressing well.
Ferdinand's representatives told Sky Sports: "Talks regarding Rio's new contract are moving along nicely and hopefully we will have some news soon."
The former West Ham and Leeds defender is expected to agree a one-year deal to extend his Old Trafford career beyond 11 seasons.
The Red Devils' defender scored the winner in Sir Alex Ferguson's last home game against Swansea, his first effort for over five years.
Ferdinand arrived at Manchester United from Leeds for a transfer fee of 30 million pounds following the 2002 World Cup, a world record figure for a defender at the time.