Ferguson closes on new United deal

Ferguson has been in charge at United since 1986. Story Tools

LONDON, England -- Manchester United's Alex Ferguson is set to become the best paid football manager in the world when the 61-year-old finalizes his contract extension at Old Trafford until 2007.

English newspapers widely reported that the Scot will be paid $5.8 million per year to continue his hugely successful reign.

"It's all positive,' Ferguson was quoted as saying about negotiations. 'If you feel strong and feel healthy, there's no point in retiring.'

United chief executive David Gill has confirmed that the English champions were in talks with Ferguson.

"We would like Sir Alex to continue and Sir Alex would like to continue so we are holding discussions and I'm sure they'll come to a positive conclusion," he said on Tuesday.

"We are sitting down with him over the next few days, weeks and months to secure that."

The news came as the Premier League champions unveiled annual profits of £39.3 million ($65.80m), up 22 percent on last year, amid persistent takeover talk.

Ferguson, who succeeded Ron Atkinson at Manchester United in 1986, signed a new three-year deal in 2002 after changing his mind about retiring.

He has become one of the most successful British club managers of all time, leading United to eight premier league titles in 11 years, four FA Cups and the European Cup in 1999.

"Alex wants to continue and the board wants him to continue," Gill added.

Still ambitious

Ferguson guided United to last season's premier league title and League Cup final, but it is further success in Europe's blue riband club competition that is spurring him on.

"The challenge is still the European Cup," he said. "We have the structure, we have the capabilities, we have the support and we have the stadium.

"Everything is there, and most importantly, we have the despite to do it. Maybe we'll just get the luck this year."

Ferguson will be 63 when his current contract expires, and has not ruled out carrying on like Newcastle United manager Bobby Robson, who celebrated his 70th birthday last February.

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