Sir Alex Ferguson calls it a day, Moyes favourite to succeed him

Manchester United manager Sir Alex Ferguson has announced that he will retire from the club at the end of the season after 27 years in charge.

The 71-year-old clinched his 13th Premier League title with the club last month, but that will be his last hurrah as manager of the Old Trafford club.

Everton manager David Moyes is set to be appointed the new manager of Manchester United by the end of the week.

The Everton boss is expected to be announced, possibly even within the next 24 hours, as the successor to Sir Alex Ferguson, who revealed on Wednesday morning that he is stepping down at the end of the season.

Speculation had been rife that the fiery Scotsman would end his long tenure at the club, but Manchester United chiefs had refused to comment.

Sir Alex said in a statement that it was important to him to leave the club in the 'strongest possible shape.'

The Scot, a frequent visitor of Malta, has won 38 trophies since taking over from Ron Atkinson on 6 November 1986, including this season's Premier League title.

His haul includes 13 titles, two Champions League crowns, five FA Cups and four League Cups.

"The decision to retire is one that I have thought a great deal about. It is the right time," Ferguson said.

"It was important to me to leave an organisation in the strongest possible shape and I believe I have done so.

"The quality of this league winning squad, and the balance of ages within it, bodes well for continued success at the highest level whilst the structure of the youth set-up will ensure that the long-term future of the club remains a bright one."

Ferguson, who will take on the dual role of director and ambassador for United, praised the people he felt helped him build the club into one of the biggest in the world.

"I must pay tribute to my family, their love and support has been essential," he added.

"My wife Cathy has been the key figure throughout my career, providing a bedrock of both stability and encouragement. Words are not enough to express what this has meant to me.

"As for my players and staff, past and present, I would like to thank them all for a staggering level of professional conduct and dedication that has helped to deliver so many memorable triumphs. Without their contribution the history of this great club would not be as rich.

"In my early years, the backing of the board, and Sir Bobby Charlton in particular, gave me the confidence and time to build a football club, rather than just a football team.

"Over the past decade, the Glazer family have provided me with the platform to manage Manchester United to the best of my ability and I have been extremely fortunate to have worked with a talented and trustworthy Chief Executive in David Gill. I am truly grateful to all of them.

"To the fans, thank you. The support you have provided over the years has been truly humbling. It has been an honour and an enormous privilege to have had the opportunity to lead your club and I have treasured my time as manager of Manchester United."

Ferguson is the most successful manager in the history of the British game and famously won a treble in 1999.

Talks are underway to find a replacement and Everton manager David Moyes is among the frontrunners.

It had been rumoured that Moyes would initially join the club as understudy to Ferguson for a season before taking over the reigns full time.

Moyes remains the favourite to take over with bookmakers offering odds of 4/6 this morning.

Other big names thought to be in the running include Real Madrid manager and former Chelsea favourite Jose Mourinho, who is tipped at 6/5 by bookmakers to get the job.

The self-proclaimed 'special one' has been widely tipped to join Chelsea, but could be set to rethink those plans.

He is likely to be available at the end of the seaon.

Long-serving Manchester United star Ryan Giggs has also been linked with the role as well as Borussia Dortmund manager Jurgen Klopp.

United's hand may have been forced in terms of making an announcement by strict New york Stock Exchange rules.

With the club floated on the market, any information which significantly affects the running of the club must be announced.