United currently have 17 league titles to Liverpool's 18, meaning that if the champions retain their crown this season they will go level with their bitter rivals.
But defending their Champions League crown matters more to the United boss, something which no side has managed to do since the competition switched to its current format in 1992.
The Scot is currently leading his side on four fronts. The Red Devils have already booked their place in next month's Carling Cup final against Tottenham, sit top of the league, are still in the FA Cup and face Jose Mourinho's Inter Milan in Europe's last 16.
"Is there a priority? The European Cup," Ferguson declared in the Daily Star.
Preference"I think there is an opportunity to draw level with Liverpool's 18 titles. But when you look at our record in Europe, it should have been better.
"Nobody has (successfully) defended the Champions League since the new format, so that's a great challenge to us.
"We're at that time of the season when I expect the players to kick on. I've seen it over the years.
"We've not always excelled in the last part of the season and sometimes we've lost leagues in the run-in.
"But in most cases, the players tend to respond and the present group seem to have a gear they can bring out.
"There is always a challenge and more expectations but the players have always made life easier for me.
"We are this year fighting on all four points. The challenges never stop and that means there will still be a lot of passion and hunger for more success."