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Queiroz has penned a four-year contract with the Portuguese Football Federation and reports suggest the club have picked up approximately £700,000 in a lucrative compensation package.
The search now begins for United's new assistant manager. However, Sir Alex will take his time as he decides who will succeed Queiroz's list of important responsibilities - namely helping out with first-team affairs, coaching and, of course, talking to the BBC.
"You take your time with these things," said Fergie.
"I knew when Portugal came for him that it would be very difficult for us. But we've good staff and we'll carry on."
Many commentators seem to believe that Ferguson may make an 'in-house' appointment. United have a superb coaching team and the likes of Brian McClair, Mike Phelan and Rene Meulensteen could all make the step up to become Fergie's new No.2.
Choccy, currently youth academy director, had a successful stint as reserve-team boss last season and has emerged as an early favourite to take the job.
Meanwhile, former Red Laurent Blanc is another name being widely tipped to succeed Queiroz. The Frenchman has enjoyed great success as manager of Bordeaux - securing a 2nd place finish in Ligue 1. He spent two years with United as a player and may fancy a return - though, at the same time, might not want to give-up the managerial reigns at the Chaban Delmas.
Other current managers linked with the job include Barnsley's Simon Davey and Swansea's Roberto Martinez. The former has been quick to play down the speculation; claiming "he has a job to do" wit the Tykes and going-on to talk-up the club's forthcoming Championship campaign.
Benfica assistant Pako Ayesteran is another name who could be in contention - though his links with Liverpool will put many fans off the appointment. Elsewhere, more ambitious fans have mentioned the great Eric Cantona - whilst club ambassador Bryan Robson is another name thrown into the mix by the rumour mill.
The media are going to have great fun banding various names around. Queiroz only confirmed his departure on Saturday morning and, already, we've managed to name nine individuals who have been linked with the post.
Fans mustn't get complacent and assume good managers will be prepared to give-up top jobs to become Fergie's No.2s - but it is an attractive post and whoever gets the job will see their odds of becoming Sir Alex' successor slashed.
Who should become United's next No.2? Have your say on the messageboard.
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