The 2.7 metre statue was revealed at a ceremony attended by the current United squad and many of the greats who have worked under the long-serving Ferguson such as Eric Cantona, Ruud van Nistelrooy and Peter Schmeichel.
Artist Philip Jackson, who was also responsible for another Old Trafford statue portraying former manager Matt Busby as well as the United Trinity piece featuring Bobby Charlton, George Best and Denis Law, resisted the temptation to capture Ferguson berating a referee, chewing gum or looking at his watch.
"I've tried to portray him as a man of great determination and as a thinking man, but also with humour which he has in abundance, so there's just a slight smile in the corner of his mouth. That's really what I wanted to portray," Jackson said.
Ferguson, who has been in charge for 26 years and won 12 Premier League titles and two Champions Leagues, appeared delighted with his likeness.
"Normally people die before they have a statue. I'm outliving death," he said at the unveiling which drew a crowd of 2,500 to the stadium.