Manchester United has announced that Sir Alex Ferguson – one of the most successful managers in the world in any sport – will retire at the end of the season.

“The decision is one that I have thought a great deal about and one that I have not taken lightly,” Ferguson said in a statement. “It is the right time.”

Ferguson spent 26 ½ years at Old Trafford, winning the Champions League twice, Premier League 13 times and FA Cup five times. It’s among the best jobs in the world, but also one of the most unenviable tasks to replace such a legend.

Fellow Scot David Moyes, who is out of contract at Everton after 11 trophy-less seasons with the Toffees, is considered the favorite to replace Ferguson and The London Times has already proclaimed that he’ll be named within the next 24 hours.

Real Madrid’s Jose Mourinho, who Chelsea is trying to lure back to London, is also a top candidate. Borussia Dortmund’s Jurgen Klopp, working with a budget dwarfed by Bundesliga rival Bayern Munich, has reached the Champions League final and thrashed Mourinho’s Real Madrid on the way there.