Ferguson's most recent plan was to continue at the helm until the 2013-14 season, but he has since reneged on setting himself such a strict deadline regarding his retirement date.
Giggs, who will turn 39 next season, was recently linked with the vacant role as Wales manager after the sad death of Gary Speed, and the player is thought to be keen to stay involved with the game once he hangs up his boots.
The former Wales international has had a long and illustrious career at the club and recently signed a one-year extension, a move that will surely see him break the 900 appearance barrier.
The likes of Jose Mourinho and Pep Guardiola have been heavily linked with the post in recent years and the Old Trafford heirarchy could have Guardiola's success in mind when they choose Ferguson's successor.
Guardiola stepped up from managing Barcelona's B team to manage the first team, after a long association with the club previously as a player.
He has since delivered two Champions League trophies and three La Liga titles in his four-year spell as manager.