The Labour Party are reportedly planning to give Sir Alex Ferguson peerage following the manager's retirement announcement.

The Scotsman, who is a lifelong Labour supporter, decided to call time on his 26-year reign at Old Trafford, citing that it is the "right time" to step down from his role.

It is believed that there is a "distinct possibility" that Labour leader Ed Miliband could nominate the 71-year-old for a peerage, according to the Daily Mail.

While Ferguson is reportedly not on Labour's list of nominations as yet, it is believed that they could add the successful boss before the names are published ahead of the summer.