Ryan Giggs has put pen to paper on a one-year contract extension with Manchester United.

Sir Alex Ferguson confirmed in a press conference today that the 38-year-old midfielder is no closer to hanging up his boots after deciding to extend his stay at Old Trafford.

Reports claimed last week that the Welshman, who has played 898 games for the Premier League champions, was closing in on a new deal with the North West side.

"Ryan's a marvellous player," said Ferguson. "In many ways he epitomises all my teams here at United.

"He's constantly reinventing himself, he's adapted to the changing nature of the game and retained that desire and hunger for success."

Giggs made his debut for the Red Devils in 1991.