England ace Wayne Rooney has performed a stunning U-turn and committed his future to Manchester United with a new five-year contract.
Less than 48 hours after the striker cited a lack of ambition for his decision to seek a move away from Old Trafford, Rooney has agreed to stay with the Red Devils until summer 2015.
The 24-year-old striker sent shockwaves through world football when he seemed to have brought an end to his four-and-a-half-year spell with United.
However, despite appearing to challenge the authority of Ferguson and questioning the quality of some of his team-mates in an astonishing public statement, he has now agreed to stay at Old Trafford.
"I'm delighted to sign another deal at United. In the last couple of days, I've talked to the manager and the owners and they've convinced me this is where I belong," he told the club's official website.
"I said on Wednesday the manager's a genius and it's his belief and support that have convinced me to stay.
"I'm signing a new deal in the absolute belief that the management, coaching staff, board and owners are totally committed to making sure United maintains its proud winning history - which is the reason I joined the club in the first place."
Meanwhile, Rooney is confident of winning back fan support despite the negative reaction around Old Trafford to his statement which was delivered just hours before Wednesday's Champions League victory over Bursaspor.
"I'm sure the fans over the last week have felt let down by what they've read and seen," he continued.
"But my position was from concern over the future. The fans have been brilliant with me since I arrived and it's up to me through my performances to win them over again."
Ferguson has also welcomed the news of the new deal after he personally vowed to 'put the matter to bed' in a candid press conference following the midweek European game.
The veteran Scot had appeared wounded by Rooney's desire to move on in such a high-profile way.
"It's been a difficult week, but the intensity of the coverage is what we expect at Manchester United," he explained.
"I said to the boy that the door is always open and I'm delighted Wayne has agreed to stay.
"Sometimes, when you're in a club, it can be hard to realise just how big it is and it takes something like the events of the last few days to make you understand. I think Wayne now understands what a great club Manchester United is.
"I'm pleased he has accepted the challenge to guide the younger players and establish himself as one of United's great players. It shows character and belief in what we stand for.
"I'm sure everyone involved with the club will now get behind Wayne and show him the support he needs to produce the performances we know he is capable of."