The Daily Mail calls the news the "end of an era" as the United squad prepares to undergo some fundamental changes.
The news that Scholes is set to retire for a second time comes as no real surprise.
Now 38, the prodigiously gifted midfielder has been on the wane this season, starting only six Premier League games.
Having already retired once, after the 2010-11 season, Scholes is set to do so again, and according to The Sun, "this time there is no coming back."
Fellow Fergie fledgling Giggs will also be joining him in retirement, according to the Daily Mail.
The Welsh midfielder has won a remarkable 12 Premier League titles but, like Scholes, has played only a minor role in taking United six points clear at the top of the table.
The Mail reports that "Giggs hopes to compete in a couple of triathlons and Scholes may be handed a coaching role at Old Trafford."
Meanwhile, Ferdinand could also be taking his leave of Old Trafford, and a few papers report that Sir Alex Ferguson has already lined up his replacement: Benfica's Ezequiel Garay.
Formerly of Real Madrid, the Argentine is also a target for Juventus but could be moving to United in a deal worth around £15 million.
Newcastle United are also looking to splash out and France international Loic Remy - who plays as a forward for Marseille - could be joining the club for £10m, according to the Daily Mirror.
His arrival at St James' Park will pave the way for Demba Ba to join Arsenal.
Having already lined up deals for Chelsea's Daniel Sturridge and Blackpool's Thomas Ince, Liverpool are looking to recruit a third young English player when the transfer window opens.
The Metro reports that Reds boss Brendan Rodgers is ready to make a move for Birmingham City goalkeeper Jack Butland.
And finally, in the most ludicrous story of the day, Chelsea have apparently been quoted £30 million for Corinthians striker Paolo Guerrero.
The Peru international cost only £3m when joining the club in July but the Daily Star says his price tag has increased ten fold.