The recently retired Manchester United boss, 71, passed up the chance of a peerage and a seat in the House of Lords to spend more time with his wife Cathy.
Labour's new peers are due to be announced shortly, along with new Tory and Lib Dems lords.
And Ed Miliband is a big fan. The party leader described Fergie as “the most successful football manager the world has ever seen”.
He told fans at his final game: “Things changed when Cathy’s sister died. She’s isolated a lot now and I owe her a lot of my own time.
“For 47 years she’s been the leader of the family and sacrificed for me. She’s lost her best friend in Bridget, so I owe her time. It’s important.”
The former shipyard worker is not the first person to turn down an honour.
Writer JB Priestley snubbed a peerage, film director Alfred Hitchcock turned down a CBE in 1962, while Charlie and the Chocolate Factory author Roald Dahl said no to an OBE in 1986.