Giggs is an indisputable Red Devils legend having made over 800 appearances for the club, lifting the Premier League title 11 times during his career to date.
The 36-year-old has also claimed Champions League glory on two occasions while he has skippered Wales.
In the foreword to Giggs' new book, My Life My Story, Ferguson said: "There is one accolade which has yet to materialise for Ryan, although I trust it is only a matter of time before it does.
"How I would love to adorn my teamsheet with the words 'Sir Ryan Giggs'.
"And why not? After all, it might be said that Clive Woodward became a knight of the realm essentially for winning three games at the 2003 World Cup.
"Now, I'm certain that most of England, and everyone on the rugby scene, would say his honour was richly merited - and I wouldn't argue with that.
"But after making more than 800 appearances for United - many of them in extremely high-pressure situations - doesn't Ryan deserve it too?
"Unquestionably he does, as much as any other sporting figure we have known in these islands."