The most successful manager in British football history, winning almost 40 trophies, will formally be honoured at a meeting of Trafford Council.
And as a permanent tribute to the Manchester United legend, Waters Reach, a road close to the Old Trafford stadium and overlooked by the new statue of Sir Alex, is to be renamed Sir Alex Ferguson Way.
The former Manchester United manager who retired earlier this year after 26 years at the helm, won 13 Premier League titles with the Red Devils, whose home is actually in Manchester's neighbouring borough of Trafford.
He also notched major successes with Aberdeen.
Sir Alex said: "I am delighted to accept this honour from Trafford Council. When I arrived at Old Trafford in 1986 I had little idea of the journey that awaited me. Over quarter of a century later, to receive the Freedom of the Borough of Trafford, and to have a part of Trafford carrying my name, is truly humbling."
Sir Alex Ferguson Way will be on the other side of the ground to another stadium approach road, Sir Matt Busby Way, named after one of his illustrious United predecessors.
The Honorary Freedom is the highest honour which the council can bestow. Under Section 249 of the Local Government Act 1972 borough councils may admit as Honorary Freemen of the Borough "persons of distinction and persons who have, in the opinion of the Council, rendered eminent services to the Borough".
Councillor Matt Colledge, leader of the council, said: "Sir Alex has contributed significantly to Trafford over a sustained period of time through his strong leadership of the Manchester United team and it was felt that the Honorary Freeman title and the renaming of the street was a fitting tribute to him.
"Football contributes significantly to the borough through the large number of visitors it attracts and jobs it creates.
"It has been through the success of the team that the club has grown in strength over the years, becoming one of the world's most successful and renowned clubs."