Ferdinand Close To Agreeing New Contract With Manchester United

Rio Ferdinand is close to agreeing a new contract with Manchester United, according to Sky sources.

The 34-year-old's current contract runs out in the summer, but he is now close to agreeing terms on a new deal.

Ferdinand is believed to paid around £120,000 a week and the new deal - believed to be a one-year extension - would see him earn a similar amount.

Ferdinand, who won his sixth Premier League title this season, announced on Wednesday he was retiring from England duty in order to concentrate on club matters.

On Friday, United boss Sir Alex Ferguson said: "I think it is something he could have done last year.

"Ending his international career will definitely help him, as it did with Paul Scholes, and hopefully Manchester United will get the benefit of that."