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The 79-year-old iconic Scot managed a plethora of world-class talent during his time in the United dugout, which included the likes of Paul Scholes, Cristiano Ronaldo and Eric Cantona.
Gascoigne is fondly remembered by fans and enjoyed successful spells at Newcastle, Tottenham, Lazio, Rangers, Middlesbrough and Everton.
The 53-year-old ex-England international was once linked with a sensational move to Old Trafford in the late-1980s, but a move to United failed to materialise.
During SPORTbible's interview hosted by United legend Gary Neville, Ferguson admitted "without question" that he wished the Red Devils had landed Gazza.
The former United manager went on to praise Gascoigne as the "best English player since Bobby Charlton."
Ferguson explained: "Gascoigne, without question. I think he was the best English player since Bobby Charlton. I think he was a fantastic player.
"Unfortunately, we didn't get him and I think, looking back now, he made a big mistake. He recognised it himself years later.
"But we had Geordies in the camp. We had Bobby Charlton, Bryan Robson, Steve Bruce, even Gary Pallister from Middlesbrough.
"We had people there who would have taken care of him, particularly Bryan Robson who is fantastic with players.
"Instead, he goes to an island in London, and you're easily swallowed up there as a young lad. I think that was a big mistake by him.
"He was a marvellous player. I loved his strength. We played Newcastle up there and he had just come back from injury
"As soon as he came back, they started winning games. I played three in the middle of the pitch -- Whiteside, Robson and Remi Moses and he destroyed them.
"He nutmegged Moses right in front of the dugout and patted him on the head.
"He was unbelievable and I said to [former Manchester United chairman] Martin Edwards on the way home: 'Sign this boy. Get on the phone to him on Monday.'
"And by that time, he had already done a deal with Tottenham, which was really unfortunate.
"That was a disappointment because he agreed to sign and then Tottenham changed his mind by buying his mother and father a house."
Sir Alex Ferguson: Never Give In will arrive in UK cinemas on 27th May ahead of its release on Amazon Prime Video on 29th May.
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