Ferguson is hoping to have the Basingstoke-born player back for Saturday's trip to Liverpool.
"Tom is one of the brightest prospects in the English game," said Ferguson.
"For a young boy, he has a good footballing brain which, when coupled with his energy and ability, makes for a player with a fine future ahead of him.
"It's the United way to encourage our young players to make their mark in the first team and Tom has grabbed that chance with both hands."
Cleverley added: "Having grown up at the club, I'd love to be able to make a contribution to United winning more trophies.
"We have a squad with great ability and I can't wait to get started again."