United chief Ferguson took an opening pot-shot at his long-term rival by branding him "very lucky" for walking into the Chelsea job.
Benitez hit back, suggesting Fergie is not even the best boss in the Premier League.
It is the latest battle in a long list of spats between the pair going back to January 2009.
But the LMA are carefully watching developments and are ready to step in to defuse another potential row, says The Sun.
They fear the game being dragged into the gutter if their feud escalates.