Giggs, 40, was put in temporary charge of Manchester United F.C. after the club sacked David Moyes on Tuesday, ending his dismal 10 months at Old Trafford.
"I think that he (Giggs) is the one man they should go to really," Ferguson, who had handpicked Moyes as his successor, was quoted as saying in the British media on Saturday.
"He's got 20-odd years of experience at Manchester United. I signed him as a kid at 13 years of age. He's gone through the gamut of emotions at the club - he's experienced all the highs and lows.
"He knows exactly what's needed to be a Manchester United player and I was so pleased he brought Paul Scholes back in, and Nicky Butt of course - two great professionals.
"They understand the club, they are hard workers, they are straight as a die. So you have got the right combinations there, there's no doubt about that."
A Dutch newspaper reported on Saturday that Netherlands head coach Louis Van Gaal has reached an agreement with the Premier League club.
Van Gaal, who has coached Barcelona, Ajax Amsterdam and Bayern Munich in a distinguished career, has said he will step down from the national team after the World Cup in July.
In his first news conference as manager on Friday, Giggs, the most decorated British footballer in history with a record 962 United appearances, said he wanted to put a smile back on the faces of the fans for the remainder of the campaign.
The Welshman said he had already had a chat with Ferguson.
"He was the first person I picked the phone up to," Giggs said. "Why wouldn't I He has been through everything you can as a manager - as a young manager, as an experienced manager, as a successful manager.
"Yeah, he's given me advice, he's told me that he's always at the end of the phone and that's obviously given me a lot of comfort. It's good to know I can turn to the manager if I ever need him."
United are seventh in the Premier League and out of contention for next season's Champions League after a disappointing run under Moyes.