Ferguson recently celebrated 21 years at Old Trafford, during which time he has won nine Premier League titles since ending the club's 26-year wait for championship success in 1993.
But he believes the time is right for his blossoming young side to recapture the most prized trophy of all and add to the Nou Camp success and the 4-1 win over Benfica under Sir Matt Busby in 1968.
"I'd love to win it again," said Ferguson, who turns 66 on New Year's Eve.
"We've only won it twice and it's ridiculous that this club has only won it twice.
"This club is made for European Cups and we have a chance this year.
"The 1994 was arguably the best team I've had and if we hadn't had the ruling on the amount of foreigners you could play then we could possibly have won the European Cup then.
"The team was that good. It was powerful, had great personalities and was tough as nails with some real matchwinners.
"The treble-winning 1999 team's achievement are unparalleled and the present squad can go on to great success - but you can only judge a team on what it has achieved."