The Red Devils are fighting to return to the Champions League, with the qualification places very much open still.
While Chelsea are running away with the Premier League title, the situation is tight from second down to sixth.
United and Arsenal currently sit outside the top four, however, both teams have two games in hand on Liverpool.
Jose Mourinho will have to contend with a busy April period where United face a gruelling nine matches.
However, legendary former United boss Ferguson feels there is still hope, without having to rely on Europa League glory.
“The season is still alive,” Ferguson told US radio channel SiriusXM FC. “They’ve won the League Cup and are in the Europa League and I think they’ve got a great chance there.
“It’s very important now because if you win it, you’re into the Champions League.
“At the moment the Premier League is a real fight for the positions behind Chelsea with Tottenham, Arsenal, Liverpool, ourselves.
“It’s not going to be easy to get into the top four.
“They could do it but I look on the Europa League as a great chance.”
Manchester United can still realistically chase down Spurs in second, with Mauricio Pochettino’s side seven points ahead but having played a game more.
Ferguson left out third-placed neighbours Manchester City though, who face Arsenal in a crunch clash at the Emirates on Sunday (4pm).
Meanwhile, Jose Mourinho’s first test in April comes on Saturday at Old Trafford against West Brom (3pm).
