Scholes, who now joins United's coaching staff, has challenged the new generation to peg back Champions League conquerors Barcelona.
The 36-year-old said: "It's definitely ending. Phil Neville and Nicky Butt left a while ago while Gary is finishing this year.
"Becks went a while ago, so it's coming to an end. Nothing can go on for ever.
"But there's still Ryan and plenty of other homegrown players at the club."
Scholes added: "It's nice to go out having won a 19th title. I thought it would be nice to go out by winning the league or the Champions League.
"I managed to get one. But, against Barca, that makes you think, that's the level you need to get to.
"It will give the manager and players the determination to know that is the level you have to be at to be the best in Europe."