Ferguon was speaking at the League Managers' Association Hall of Fame in a ceremony held in Manchester last night, where he inducted both managers.
He said: “I'm delighted when someone excels in the game of football, and of course coming from abroad into English football is not easy - they have really excelled themselves in that respect.
“I think that, quite rightly, they join the pantheon of great managers we have had here, and have been inducted into the Hall of Fame."
Speaking of the adventurous playing styles of both managers, he said: “They have been absolutely brilliant.
"Their teams play with attacking flair, excitement and imagination, and they have shown it in the fantastic teams they have produced.
“Their teams mirror themselves. They have teams with courage, that play to win all the time, that play to attack all the time and that courage has got them where they are."
Ferguson added: "If you look at the league last year and this year, it has been dominated by them, and of course Liverpool won the European Cup.
“It's been a great period for them, and that's the reason we have recognised the courage of their teams."