Legendary Manchester United manager Sir Alex Ferguson is reportedly set to step down from his ambassador role with the club at the end of the 2024-25 English Premier League season amid cost-cutting measures.

According to ESPN's Rob Dawson, Manchester United have been looking for ways to cut costs ever since Sir Jim Ratcliffe purchased a minority stake in the club in February. Dawson reported in July that Manchester United had deemed a quarter of their workforce redundant, putting them in position to save £45 million ($58.8 million) by paring down their staff.

Ferguson, who was Manchester United's manager from 1986 to 2013, has been a club ambassador since his retirement, reportedly earning a yearly salary of £2 million in the position.

Despite the reported decision to eliminate Ferguson's role at United, a source told Dawson that the iconic manager "will always be welcome at Old Trafford."

The source also called the move "amicable" and "suiting both parties."

Ferguson, 82, enjoyed a successful playing career from 1957 to 1974, playing for six different clubs and scoring 171 career goals.

He broke into managing following his retirement in 1974 and spent time at East Stirlingshire, St Mirren and Aberdeen before a brief stint as head coach of the Scottish national team from 1985 to 1986.

Ferguson finally got his big break at Manchester United in 1986 and went on to carve out one of the best continuous managerial runs in major European football history.

From 1993 until his retirement in 2013, Ferguson led the Red Devils to 13 EPL titles, plus he won five FA Cup titles, four Football League Cup titles and 10 FA Community Shield titles.

Most impressively, Ferguson helped United win the UEFA Champions League in both 1999 and 2008, along with runner-up finishes in 2009 and 2011.

For his efforts, Ferguson was named Premier League Manager of the Season 11 times, as well as UEFA Manager of the Year once, plus the League Managers Association's Manager of the Decade for the 1990s.

Speaking to Ferguson's importance and impact is the fact that United have now gone more than a decade since last winning an EPL title in his final season as manager. They also haven't reached a Champions League final since 2011.

There is seemingly no end in sight to Manchester United's status as an also-ran club in the EPL either, as they are off to a rough start this season with two wins, two draws and three losses, placing them 14th on the table.

Current manager Erik ten Hag has been at the helm since 2022, but he will continue to be on the hot seat if things aren't turned around quickly due in part to the high standard Ferguson set during his historic run as United's manager.