Solskjaer, who will be in the Old Trafford dugout as Cardiff manager, spent nine seasons as a player with United before being forced to quit due to a knee injury in 2007.
He then moved on to the Red Devils coaching staff, where he was quickly installed as reserve team boss, winning both the Lancashire and Manchester Senior Cups.
Solskjaer eventually returned to Norway to take charge of his old club Molde, winning the league in his first two seasons and the domestic cup last year before joining Cardiff at the start of January.
However, it is his feats as a player for United by which Solskjaer is chiefly remembered, particularly that injury-time goal against Bayern Munich in 1999 that completed one of the most dramatic comebacks ever to win the Champions League.
"Ole will get a fantastic reception - and deserves it," said Moyes. "He is a legend for what he has done here, including his goal to win the Champions League.
"All-round he has been a great ambassador for United."