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The iconic Scotsman accumulated a whopping 38 trophies at Old Trafford and captured the Premier League title a staggering 13 times, along with five FA Cups and two Champions Leagues.
However, Warnock revealed that Ferguson would only rank fourth in his picks for the best Premier League managers throughout history.
The 72-year-old said that legendary former Arsenal manager Arsene Wenger would top his rankings.
Warnock told talkSPORT: "I would pick Arsene Wenger as the number one because he changed the whole outlook on modern footballers.
"He brought so many things in that had never been thought of. The nutritionist, the fitness guys, video, technology. He changed the whole course of it when he came into the Premier League."
Warnock claimed that current Manchester City head coach Pep Guardiola would take the No 2 spot on his list, saying his "influence on the parks and the lower down leagues has been fantastic."
The former Cardiff City and QPR boss explained: "I saw his teams first-hand last year and I've never seen a team with that kind of movement.
"David Silva is the best player I've ever seen in the Premier League and I think Pep's just taken it all on board. He's had a few years so he's been in front of a few, but I think he's just amazing.
"His influence on the parks and the lower down leagues has been fantastic, so I'd put Pep second."
Klopp has been hailed for his impact at Liverpool as the Reds have captured both the Premier League title and Champions League trophy since his arrival at Anfield in 2015.
Warnock boldly suggested that the 54-year-old German has "another 10 years coming forward" and he could even surpass Wenger to the top spot in the future.
"I would put Klopp third because I think he's just beginning and he will get even better," he said.
"But his outlook and everything he has done at the club and the future with the kids -- I think he has got another 10 years coming forward.
"So I think he's third at the minute, but could easily be number one in a couple of years."
Warnock added: "Fourth, I would probably go with Sir Alex [Ferguson] just in front of Jose Mourinho because he has done it for longer.
"I just think he was in an era where it was all about man-management -- it wasn't down to all the backroom staff -- and Sir Alex was probably the best at that."
Closing out Warnock's top five was none other than former Tottenham boss Jose Mourinho, who admired the 'Special One' for the way he handled the media at the "most difficult times."
Warnock explained: "Jose Mourinho is close. What I like about him is the way he deals with the media at the most difficult times, but I would still put him number five."