The Red Devils have struggled in their first season without the 72-year-old at the helm, with the former Everton boss on course to miss out on qualification for next season's Champions League as well as being 2-0 down to Olympiakos in the quarter-finals of this year's competition.
Speaking at a gathering in Los Angeles, he declared: "They will be all right. It's early days and there have been a lot of changes.
"[Moyes] needs time. I was there for 27 years so, with a new manager, it takes time but they'll be OK."
United are in seventh place in the Premier League, 12 points behind fourth-placed Manchester City having played one game more.
Ferguson cemented his place as the most successful British manager in history over his 27-year spell at Old Trafford, winning 13 Premier League titles and two Champions Leagues, among others.
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