The incident occurred during the Red Devils' 2-1 win at Anfield almost three years ago, after the midfielder was sent off for a tackle on Jonny Evans.
The now-Swansea midfielder and Ferguson became embroiled in a furious touchline row as the midfielder walked down the tunnel.
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The incident lead to Shelvey becoming somewhat of a folk hero among Liverpool fans and the then 20-year-old took to Twitter after the match to claim Ferguson had 'grassed'.
But looking back on the incident, Shelvey, who has been recalled to the England squad, explained how his passion impressed the former United boss.
As per the Manchester Evening News, he said: "I was a bit immature then and a bit silly, I pulled him aside afterwards and apologised to him and he was spot on with me.
“He said, ‘no I like it. It shows you’ve got a bit of balls about you.' I got a few high fives around town for the next few months, but it was silly from me on the professional stage. You don’t do something like that."
Manchester United went on to win the title that season, with Liverpool labouring to seventh place and both men have moved on from their respective roles.
Ferguson stepped down after guiding United to their 20th title and his shadow still looms large over Old Trafford, as Louis van Gaal tries to take the club back to the top.
While Shelvey left Liverpool in the same summer, joining Swansea for the small fee of £5 million. Looking back it seems like a smart piece of business for the Welsh side.
In all his spell on Merseyside was poor as he made 69 appearances, scoring seven goals. However the 23-year-old has rebuilt his career under Gary Monk.
Shelvey made his only England appearance to date during his time on Anfield, coming on as a substitute in the 5-0 win over San Marino, and has a chance to gain his second cap against the same opposition on Saturday.