Giggs, who has made over 950 appearances for the Red Devils since making his first-team debut in March 1991, celebrated his 40th birthday earlier this week.
Despite being in the twilight years of his illustrious career, Scholes is adamant that the Welshman still has plenty to offer on the field.
"He always says he will play as long as he is contributing, and there is no evidence of his contribution waning at the moment," Scholes told BBC 5 Live.
"I am sure he can play until he is 41, 42, maybe even 43. As long as he wants to, he will be able to play.
"The way he plays, he sits in midfield, he controls a game, he can make a pass, he can defend, he can still run up and down all day if he wants to. I really think he is capable of doing that."
Giggs has made 12 first-team appearances this season, but he will not feature in today's game at Tottenham Hotspur, after playing the full 90 minutes of United's 5-0 win at Bayer Leverkusen on Wednesday.