By ESPNSTAR.com staff
After coming out of retirement in January, there had been some speculation on whether Scholes was willing to extend his career by an additional season.
The 37-year-old has played a major role in the second half of United's season, with the side winning all 14 games which Scholes has started.
Speaking at Monday evening's Manchester United Player of the Year dinner, Ferguson revealed that the Ginger Prince is staying at the club for another season. He told MUTV: "It has been done. He is staying."
Ferguson does believe that will be Scholes' last season in a United shirt and will be wary of the midfielder being selected in Roy Hodgson's Euro 2012 squad, as has been suggested.
However, the United boss is convinced the midfielder can have a similar impact next season after he almost managed to guide the Red Devils to the title following his comeback.
"I am delighted," said Ferguson. "He knew he had made a mistake. He now realises if he plays 25 or 30 games next season, they will be of real quality.
"I think this will be Paul's last season. We know him very well. We have had him since he was a kid. We know how to use him."
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