Ferdinand's current deal runs out in the summer but he has expressed a desire to continue at Old Trafford.
"That is a strong possibility," he told the club's official website, when asked if Ferdinand will sign a new deal. "It would have to happen before the end of the season.
"I think he has had a great season. He has managed himself in the right way and we have contributed to that in the preparation we give him. He doesn't play every game in the same way Ryan doesn't.
"Two weeks ago, against Real Madrid, he was excellent. We need to get him ready for the big one on Tuesday."
United face Norwich City tomorrow, before the second leg of their Champions League tie with Madrid.