The defeat to Bayern Munich led Old Trafford club captain Roy Keane to say that the team were past their sell-by date.
Andy Goram was a sensation at Glasgow Rangers.
With Walter Smith at the Ibrox helm, the Scottish stopper helped the club achieve nine successive league titles during the 1990s.
A period of personal problems followed, and brief spells with Notts County and Sheffield United saw Goram in no-man's land as far his career was concerned.
Motherwell came in for the veteran before a call on a cold day in March gave the goalkeeper the shock of his life.
"I thought it was Ally McCoist taking the mickey. But it so happened that one day I was at Motherwell, the next Manchester United."
Goram added despite the fact he was flattered, his vast experience playing at the top level enabled him cope with the huge move.
"People forget I was at a massive club myself," he said.
"The experience at Rangers helped me come down to Old Trafford. If I didn't have that experiece then it would have been daunting."
Bounce back
His relationship with Ferguson goes back nearly 15 years, when the Old Trafford boss, then in charge of Scotland, spotted his potential.
"He's asked me the same question about joining him, twice, once when I was a 20-year-old at Oldham, when he wanted to know if I wanted to play for Scotland."
It's Goram's strong relationship with his current manager which helps him understand that both Ferguson and the club will bounce back next campaign after this year's Champions League disappointment.
"Knowing Sir Alex as I do, he'll already have plans ready for next season," Goram added.
"It's disappointing to be knocked out of the quarter-finals - three times in four years - but the team strives to improve all the time."
The defeat to Bayern Munich led Old Trafford club captain Roy Keane to say that the team were past their sell-by date.
The Scottish star reckons that Keane was within his rights to make such an outlandish statement.
"Roy doesn't say things like that unless it's neccessary, he thought long and hard about it," he added.
"The club is bigger than any of the players. If he thinks it's right to say these things as captain, then fair enough."
With Ferguson retiring at the end of next season, Goram suggested that it would not be unusual to see the manager's number two step into the knight's shoes.
"I don't think Steve (McClaren) will be out of place, from what I've seen the four weeks I've been there," he added.
"If he got the job it wouldn't be a surprise to people internally.
"He's got a fantastic attitude and great knowledge of the game - he's certainly got all the credentials."