Manchester United face Anderlecht in the quarter-finals of the competition in April and are heavy favourites to reach the final in Sweden.
Jose Mourinho's men face a tough task to reach Europe’s elite club competition next year via the Premier League as they sit in fifth, four points off fourth-place Liverpool.
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But winning the Europa League guarantees entry to next season's Champions League.
And Ferguson, who never won the UEFA Cup or Europa League during his illustrious career at Old Trafford, feels his former club should be targeting victory in Europe.
Sir Alex Ferguson wants Manchester United to win the Europa League
"The thing is, we've never won the Europa League," Ferguson told ESPN FC.
"We've never won UEFA Cup, what it used to be. And we've got a great draw. I'm not saying it's a certainty, but they've got a great chance.
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The Europa League trophy
"It gets you into the Champions League, too – it didn't used to but it does now, and so that's a great incentive. And there's no Sevilla in it, so that's good.
"If you win a trophy, it's important. It's a European trophy. It doesn't matter that it's not the Champions League – it's still a European trophy. And if you win it, you get into the Champions League. The incentive is greater to do that.
"And your CV gets bigger. If we won the Europa League? Fantastic. Add it to the European Cup, the Cup Winners' Cup, the Champions League – it's bigger and bigger. We also want to be the most successful club in England."