Speaking exclusively to Sky Sports, Ferguson admits that United should have won Europe's top prize more than the twice they have done so during his 26-year tenure.
However, Ferguson still thinks he could add to United's all-time haul of three and perhaps even level the record of rivals Liverpool, who have five to their name.
"I think in terms of history of our clubs, we should have one more and I want to win it again and get into the bracket of winners like Liverpool, our biggest rivals, Bayern Munich and Ajax," said Ferguson.
"I think AC Milan and Real Madrid have got separated from the rest of the bench but that definitely drives me on a bit.
"I get realty frustrated when I think about the opportunities we have had to win it, but you can't be greedy you look at my career and I have won two European cup and Cup Winners' Cup and I am proud of that."
Ferguson admits that getting knocked out in the group stages last year is not something he will allow to be repeated.
"We were maybe caught on the hop last year as we have treated the group stage as an opportunity to play younger players, we got caught out last season it didn't work but we were careless also and this year we made sure we were going to qualify and so far we have done well," he said.
Ferguson, meanwhile, thinks Spanish giants Real Madrid and Barcelona are the firm favourites for this season's Champions League.
"Real Madrid, Barcelona you can't go by those two but I still think English teams will do well," he continued.
"You can't dismiss a club like Bayern Munich but I think the German threat will come from Dortmund, the Spanish threat is there and hopefully we are one of those from England."
Ferguson also paid tribute to new signing Robin van Persie, who he thinks could give Manchester United 'five years' of service.
"We have bought a player of great maturity as the peak of his career, he looks after himself and is a fit lad and hopefully will give us four or five years, because so far he has been absolutely fantastic," he said.
He also revealed how he likes to unwind on a Saturday night - but that does not include watching Strictly Come Dancing.
"I don't go out on a Saturday night [after a match], sometimes, but generally I go home have a glass of wine and watch the telly!" he said.
Asked if Stritly was his thing, he quickly responded: "No, that is nonsense, absolute nonsense - Boardwalk Empire, Match of the Day, whatever game is on TV - Spanish game normally, that satisfies me completely."
Asked about his own future, he says his energy level are key for him and they remain high.
"I think I have been blessed with energy and as long as my health is good I have the energy to carry out the drive and expectation of Manchester United and I think that is important and hopefully that will carry on."