David Moyes
David Moyes will take over at Manchester United at the end of the season, but who will replace him at Everton? [Reuters]

Sir Alex Ferguson, who has announced his retirement as the manager of Manchester United, is all praise for his successor David Moyes, describing him as a person who "has all the qualities we expect of a manager at this Club."

David Moyes, 50, signed a six-year deal worth £33million on Thursday, and he will take over the mantle from Sir Alex Ferguson on 1 July. He has been serving as the manager of Everton since 2002.

The announcement came a day after Sir Alex Ferguson, 71, announced his retirement as the manager of Manchester United on Wednesday, ending his 27-year stint with the football club.

Ferguson, who recommended David to succeed him, is all praise for the new manager.

"When we discussed the candidates that we felt had the right attributes we unanimously agreed on David Moyes. David is a man of great integrity with a strong work ethic. I've admired his work for a long time and approached him as far back as 1998 to discuss the position of Assistant Manager here. He was a young man then at the start of his career and has since gone on to do a magnificent job at Everton. There is no question he has all the qualities we expect of a manager at this Club," Ferguson said in a statement.

Speculations were doing the rounds that either Real Madrid's Jose Mourinho, or Everton's David Moyes or Borussia Dortmund's Jurgen Klopp would take over Ferguson.

"The decision to retire is one that I have thought a great deal about and one that I have not taken lightly. It is the right time. It was important to me to leave an organisation in the strongest possible shape and I believe I have done so," Sir Alex Ferguson had said in a statement announcing his retirement.

"It was important to me to leave an organisation in the strongest possible shape and I believe I have done so. The quality of this league winning squad, and the balance of ages within it, bodes well for continued success at the highest level whilst the structure of the youth set-up will ensure that the long-term future of the club remains a bright one."

Ferguson will hang up his boots as the club's manager after the West Bromwich Albion game on 19 May. However, his association with the club will continue as he has been made the director and ambassador of the club.