Rooney says it would be a fitting tribute to the Welsh star, who began his Old Trafford career as a 17 year old and turned 38 today.
Rooney purred: "If there's one player over the last 20 to 25 years who deserves a statue outside Old Trafford, it's Ryan Giggs.
"Because what Giggsy has done here is absolutely incredible.
"He made his debut as a 17 year old and so to still be playing at the top level 21 years later is a magnificent achievement.
"He has been fantastic for this football club and to still be performing so well at his age is phenomenal. Giggsy's a wonderful example around the club too, the way he trains, the way he prepares and to see him working so hard on his game every day explains why he is so special."