Two Labour MPs from Manchester - Graham Stringer and Tony Lloyd - have tabled a Commons motion calling for the 69-year-old Scot to be awarded a peerage.
Stringer and Lloyd argue that football should be represented in the House of Lords because of its "economic, social, cultural" importance.
Ferguson led United to a record 19th league title in May.
The motion in full:
"That this House recognises the economic, social, cultural and sporting importance of football to the United Kingdom; is therefore surprised at the paucity of representatives from the world of football in the Upper House; further notes that Sir Alex Ferguson, as the manager of Aberdeen and Manchester United, is the most successful manager in the history of British football; and calls for him to be recommended for appointment to the House of Lords."