Moyes has been given a five-year contract to succeed Ferguson and will include former United player Phil Neville on his coaching staff, following the decision of Ferguson to step down after 26-and-a-half years in charge at Old Trafford, the Mirror reports.
The report further said that Moyes, whose selection has been backed by the entire United board, will take charge of Everton's final two games of the season before taking over from fellow Scot Ferguson, after 11 years at Everton.
Outgoing United chief executive David Gill said that although Real Madrid boss Jose Mourinho had reportedly coveted the United job, the United board wanted their new manager to embody the longevity, loyalty and vision of Ferguson, for which they chose Moyes, who was targeted as soon as Ferguson's retirement became imminent.
Stating that the qualities of Moyes are the same as those that have been inherent within Manchester United for many years, Gill further said that Ferguson and former manager Sir Matt Busby were responsible for leading the club through two of its most successful eras.
According to Gill, Busby and Ferguson got involved in the whole aspect of the club, from the youth team up to the first team, adding that Moyes will need that degree of loyalty and the understanding of the football club, which is crucial to the success of United.
Gill further said that they will be consulting Ferguson in the future as he is one of the best managers of the side, adding that the board will want to use all the expertise within the club in order to get the right person to take it forward.
Paying tribute to Ferguson, who will stand down after their final game of the season at West Bromwich Albion on May 19, Gill said that the likes of Ferguson would never be repeated in his opinion. (ANI )