Although he admits missing out on the Premier League title to Carlo Ancelotti's side by a single point last season has left him determined to knock Chelsea from their perch, it is the prospect of righting the perceived wrong suffered in Europe which the Scot is relishing more than any other.

"I think when you lose the title by a point you do ask yourself where you lost the point that mattered," said Ferguson.

"You could examine many games that way. But for me, during the history of this club, the European cup is a big attraction. For me, anyway. That must be a priority.

"But you cannot help but go for the Premier League, because the Premier League is such a tribalistic competition. Every game is so competitive, with six or seven rivals, so you cannot help but go for it." Ferguson's side have a comparatively straightforward start to their domestic campaign with the visit of Newcastle on Monday night though he insists promoted sides should never be underestimated, but the Scot does not expect that to last.

He is convinced Manchester City's summer spending currently standing at £100 million – dictates that Roberto Mancini's side "have to challenge" for a Champions League place, while he believes Liverpool will improve under Roy Hodgson. It is across Stanley Park, though, that he sees the most unexpected threat.

"Everton have all their players back, With players like Mikel Arteta and Phil Jagielka fit, they could be an interesting prospect. I expect the top four to be competitive again after Tottenham broke the monopoly of ourselves, Chelsea, Liverpool and Arsenal last year", Ferguson said.

"My thoughts are not on the top four because we have to think about how we are going to win the league. You have to think that Chelsea, after winning it last season, are going to be favourites. That is what you normally think, that the team that won it last year you have to knock off their perch, and they are in that position at the moment."

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