Sir Alex Ferguson has described Arsene Wenger as "a rival, colleague and a friend" following the Arsenal manager's decision to step down from his position.

The two men provided one of the Premier League's great rivalries, as the Gunners and Manchester United regularly battled it out for major honours between 1996 and 2013.

Twelve months before his latest contract was due to expire, Wenger has decided to call it quits at the end of the campaign after winning three Premier League titles and a record seven FA Cups.

Legendary Man United boss Ferguson insists that his one-time rival will go down as one of the all-time great managers, and says that he is happy with the timing of the announcement.

"I am really happy for Arsene Wenger," he told the Red Devils' official website. "I have great respect for him and for the job he has done at Arsenal. It is great testament to his talent, professionalism and determination that he has been able to dedicate 22 years of his life to a job that he loves.

"In an era where football managers sometimes only last one or two seasons, it shows what an achievement it is to serve that length of time at a club the size of Arsenal. I am pleased that he has announced he is leaving at this stage of the season, as he can now have the send-off that he truly deserves.

"He is, without doubt, one of the greatest Premier League managers and I am proud to have been a rival, a colleague and a friend to such a great man."

Wenger has won 473 of his 823 Premier League games in charge of Arsenal.