Ferguson believes that United's Manchester rivals City are "favourites" to win the Premier League and also thinks Liverpool and Tottenham will contend. He also believes that his former club can challenge but must perform more consistently.
"I think there are five potential candidates,' he said. 'Manchester City as favourites, Tottenham and Liverpool, but also United are still there if we get some consistency soon," he told German outlet 'Kicker'.
"Even when you are trailing by six, eight points, it's still possible to catch one or two teams.
"The rivalry and the experience of Guardiola and Mourinho makes for an exciting competition. And you shouldn't forget Arsenal. The team is more sturdy. They've got better and more aggressive. I'm impressed with the young boy Alex Iwobi".
Interestingly, he fails to mention Chelsea as title challengers despite an impressive 4-0 win over Manchester United last weekend, leaving them just one point behind Ferguson's "favourites" Manchester City.
The legendary United boss did concede that Conte was doing a good job "getting Chelsea on track" and at the same time praised Jose Mourinho and Pep Guardiola.
"Guardiola's skills are beyond debate, Antonio Conte is getting Chelsea on track, but Mourinho can also rival Guardiola - he's won the Champions League with two different clubs and titles in three different countries," he added.