Ferdinand told The Sun: "I enjoyed last season and played lots of games. I just couldn't walk away from that having been at United for so many years.
"When I was a kid in the game, had Manchester United put a bid in for me I wouldn't have turned it down so why would I turn them down now?
"You know that playing for United doesn't last for ever but you want to try and make it last for ever. I wouldn't have wanted to have been sat at home next season watching on TV and thinking I should be out there.
"I only want to leave United when I'm too old and can't do it any more. That's not now.
"I got offers from other clubs and heard about ones that might come. I can't lie, some of them involved astronomical amounts of money and you think 'wow'. But the club is part of me and my life.
"My two boys are desperate to watch me playing for Man United. That was a big factor. They were being asked at school what was happening with me.
"They were coming home saying 'You aren't leaving are you dad? We want to see you playing for United.' It is only now they are properly getting into football. They love to get out there in the garden and play on what we call our little Old Trafford.
"They are six and four and I want them to be able to remember me in a United shirt."