Giggs made his United debut in March 1991 and has since become the club's record appearance maker after racking up more than 850 outings.
His haul of silverware includes 11 Premier League and two Champions League titles and Giggs was labelled an "incredible human being" by United manager Sir Alex Ferguson after making his 600th league appearance in the 0-0 draw at Tottenham last Sunday.
"It is good to hear praise from the manager," Giggs added. "He would be the first one to tell me if I was not playing well or my form wasn't good.
"We talk a lot more and we are a lot more honest with each other. He tells me when I am not going to play and gives me a little bit more notice now.
"It is a great relationship and one that has been a big part of why I am still playing."
Giggs attended the Manchester City School of Excellence in his younger days but was convinced to join United after Ferguson paid a visit to his home on the player's 14th birthday.
And Ferguson confirmed he has spoken to the veteran about signing a new deal.
Possibly he [Antonio Valencia] should be back in the first-team squad towards the end of February
Sir Alex Ferguson
"I spoke to Ryan a few days ago. He is happy to have another year and that is good news," the United boss told MUTV.
"You can see his fitness. It is incredible. He could do another year, who knows, another two years, because his fitness is so good.
"I never expected him to be here so long but as the years went on there were improvements in terms of sports science and fitness, and Ryan is very much into yoga too.
"That gives you a better chance of course. But Ryan has also been prepared to make sacrifices and be a really good professional."
Meanwhile, United boss Ferguson has said that winger Antonio Valencia is on course to return from injury at the end of February.
The 25-year-old Ecuador international has been sidelined since August 2010 after suffering a serious ankle injury against Rangers in the Champions League at Old Trafford.
"Antonio is doing well now," Ferguson said. "He has got the all-clear from the doctors and is under our complete control now, which is great news.
"He has started his running programme and is with the physios every day, which is a big step forward.
"Possibly he should be back in the first-team squad towards the end of February, which is a big boost to us and something to look forward to."
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