Manchester United remain on top, due to their vastly superior goal difference, despite a 2-1 defeat against Chelsea at Stamford Bridge which left the clubs locked on 81 points with two games each to go.
"There's always pressure at Manchester United and people take their lead from the manager. He has the experience, the belief, the stature, the charisma, and he has won it before," McClaren told BBC Radio Five Live's Sportsweek.
"That's what the players look to, they'll look to a manager and other players who have done it before."
"He (Ferguson) knew they had three opportunities to win the league. They have let one slip and they will make sure they don't waste the other two.
"With West Ham and Wigan still to play, I believe United are still favourites.
"They are phenomenal at home, and when they have to go to Wigan, they (Wigan) will be safe.
"If it goes down to the wire they (United) have the experience and character to come through that.
"Sir Alex, this week, will be focused and relaxed. That is the key thing, not to panic.
"United did not get the luck yesterday, but they will get it in the future. This is where a manager comes into his own and earns the money.
"I think they are still favourites. I must give credit for Chelsea's great run but I do think it is still United's title. They hold all the cards with two games they should win."