The 37-year-old has been playing on season-long contracts for a number of years, with a decision generally taken in the spring about whether he wants to carry on.
Giggs has been linked with a move to New York Cosmos following the appointment of former team-mate Eric Cantona.
Enlarge Life of Ryan: Giggs is keen to sign another one-year extension with United
But the veteran Welshman has now revealed his desire to continue his stellar career into 2012.
'I am quite happy still playing at the moment and enjoying my football as much as ever,' he said.
'I said if I was still enjoying myself and still getting picked I would carry on. 'We will sit down and talk but I am really looking forward to playing next year.'
Eye on the ball: Giggs is playing in his 21st consecutive season for United
No timescale has been put on the talks. But the evidence of recent seasons suggests discussions between Ferguson and chief executive David Gill with the player, who made his 600th league appearance for Manchester United in last weekend's game at Tottenham, will be concluded swiftly.
'I don't know when it will be sorted out,' said Giggs. 'We have been quite relaxed about it over the years but it is usually done and dusted quite quickly.'
Giggs is bidding to win a record 12th league title this season to go alongside his two European Cups and the countless other trophies on his mantle piece.
Special relationship: the Welshman admits he and Fergie are more honest with each other than they use to be
All of this has been achieved under Ferguson. And although their relationship has changed down the years, the mutual respect is obvious.
'It is good to hear praise from the manager,' said Giggs. 'He would be the first one to tell me if I was not playing well or my form wasn't good.
'We talk a lot more and we are a lot more honest with each other. 'He tells me when I am not going to play and gives me a little bit more notice now.
'It is a great relationship and one that has been a big part of why I am still playing.'
Not that Giggs necessarily needs anyone to tell him when his performances have not been up to scratch.
Record breaker: Giggs became the first footballer to collect 11 top division English league title medals
'When I was younger you are probably not as honest with myself as I am now,' he said. 'I am experienced enough to know whether I have played well or not.'
Ferguson confirmed the decision to extend Giggs' contract had already been taken, and raised the possibility his star winger could carry on beyond that.
'I spoke to Ryan a few days ago. He is happy to have another year and that is good news,' he told MUTV.
'You can see his fitness. It is incredible. 'He could do another year, who knows, another two years, because his fitness is so good. I never expected him to be here so long but as the years went on there were improvements in terms of sports science and fitness, and Ryan is very much into yoga too.
'That gives you a better chance of course. But Ryan has also been prepared to make sacrifices and be a really good professional.'
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