Ferguson originally said Ferdinand would be "dealt with" after strongly criticising the defender's decision to go against his manager's wishes by refusing to wear the item of clothing prior to Saturday's Premier League game against Stoke.
It was thought that Ferdinand would be disciplined by United - with some reports suggesting a £220,000 fine was a possibility - but following talks with the player, Ferguson says the matter has been dropped.
"The issue's simple," Ferguson said. "I've spoken to Rio. It was a communication issue.
"He felt I should have spoken to him on Friday and I didn't anticipate that he'd have a problem wearing the shirt.
"My advice is to him that I always feel a union is stronger than an individual. It's important he airs his grievances to the right people, the FA. It's been a communication issue more than anything else.
"We've resolved the situation, there's no lingering problems and we move on. That's the end of the matter."
With their respective positions now aired, the United boss is more than happy to concentrate on Ferdinand's attributes on the field. "Rio can play for two or three years," he said.
"He has different issues from Paul (Scholes) or Ryan (Giggs) in terms of injuries over the last couple of years.
"He is not as quick as he was but that is not a big problem because his experience is important. He is still a great footballer and, even at 33, there is no reason why he can't stay on.
"We have always adopted that policy of offering one-year contracts, so we will see as the season progresses. I didn't even realise his contract was up. You are making me panic."
However, Ferdinand will not be taking part in Tuesday's Champions League fixture at home to Braga as Ferguson looks to keep him fresh for the weekend's Premier League tie against Chelsea.
"I'm not playing Rio tomorrow," Ferguson added. "I'm making a few changes. I'm leaving out Rio and Patrice Evra. We have a big game against Chelsea [on Sunday].
"We've got Ashley Young back and he'll be involved tomorrow. We've got Nani, Antonio Valencia, Ryan Giggs - plenty of wide players.
"I have an issue in terms of picking the team. Hopefully I get it right. Shinji Kagawa didn't play on Saturday so he can prepare for tomorrow. Also, Stoke's a different team to any other side he's played. But mainly it was to give him a rest before tomorrow."