Mourinho has long been touted as a likely successor to Ferguson, but the current Real Madrid manager said that for him the "perfect scenario" is that the man he calls 'The Boss' is still at Old Trafford.
The former Chelsea manager also insists he still maintains a "great relationship" with owner Roman Abramovich and that he hates the price of fame which has seen his 12-year-old son abused while playing football.
Asked about succeeding Ferguson, Mourinho told CNN: "No, the perfect scenario when I go there is to coach, because I think football will lose a lot when he stops and there are not young managers and old managers.
"For me, he's the boss. I call him the boss because he's the boss of the coaches and I hope that when I go back to English football he still manages Man United."
Mourinho refused to contemplate taking over at Manchester City instead.
He added: "I don't think about that, especially because I have a four-year contract with Real. I signed it and when I signed it I signed it because I wanted to be in Real Madrid in this period of my career and I don't think in another club.
"I just say openly that for many reasons after this project, the next step will be England for many reasons, but when? I don't know, I don't have an idea and I am so happy to be in this moment as manager of the best club in the world."
Mourinho admitted that the price of fame was that he hated the public scrutiny.
He said: "If I could be a manager, a football manager, and the moment I leave the club or the moment the match finished, if I could switch off a light and become a person that nobody knows, I would do it.
"Because I hate my social life. I hate my social life. I hate not to be a normal father who goes with his son to the son's football match and being there with the other 20 fathers watching the match.
"I am in a football match of kids 10-12 years old and I have to be there, the people have to come for photos, the people have to come for autographs, the people have to come to insult me, the people have to go behind the goal of my kid and insult my kid of 12 years old.
"I would love to be with my family in the street as a normal person and I can't, so I am a completely different person in my private life."