United were knocked out of the Champions League on Tuesday following a 1-0 defeat to Atletico Madrid at Old Trafford. The loss means the Red Devils will go a fifth season without silverware - the club's worst drought in 40 years.
And former United man, Ferdinand has claimed the club's problems would not be solved even if they were to sign two of the best players in the world football today - Mbappe and Haaland.
"Atletico have a manager who can put a team out to do the job," Ferdinand told BT Sport. "Everything is about the team. For Manchester United, the season is over.
"It was really a reflection of what the season have been like. They looked alright in moments but it's Jekyll and Hyde moments. You see the good, the bad and the ugly. We didn't see enough quality.
"The difference between the teams was that Atletico had a group of reliable men who would do anything the manager asked them and worked together. Whereas the other team (United) is looking and saying 'who's going to pull us out of this, the magic trick out of the hat.
"It's not about the team getting through it but individuals. If you bring in Mbappe and Haaland this summer, United aren't winning the league. It doesn't matter who they bring in. The revamp needs to be from the top down."
Paris Saint-Germain coach Mauricio Pochettino and Ajax's Erik ten Hag are among considerations for the United managerial position in the summer. However, Ferdinand believes whoever takes the reins at Old Trafford must be given time to build.
He added: "Once you get the right manager and get the right person in place, then it's a minimum two or three years before you start challenging for trophies. By the way, Liverpool and City have set a high bar now.
"The consistency at which they play. It shows that no matter what talent you bring together, you need a manager that can harness that and put it all together."