But the 70-year-old has ruled out the possibility of any other over-age players taking part.

United are believed to have contacted the Football Association outlining their intention to retain their players and Stuart Pearce will now only have Giggs to call upon from the Red Devils' British contingent.

This has ruled out the likes of Rio Ferdinand, Jonny Evans, Michael Carrick, Paul Scholes and Wayne Rooney as over-23 players, though the FA have since insisted they were never considered.

Ferguson expressed frustration at how United's stance has been perceived in the media and reiterated his belief that certain older players would not want to take part.

"It has come out as criticism. I don't understand that. The older players don't want to be involved. In the Olympics you play something a game every four days. Rio Ferdinand couldn't do that anyway," he told MUTV.

Ferguson also revealed that Giggs has expressed a particular interest in participating in the tournament due to his lack of international success with Wales.

"Ryan wants to play. I am happy with that. He is looking forward to it. Whether he plays three games in seven days is another matter - that is not my decision. But he does want to play because he has always missed out on the big tournaments with Wales," Ferguson said.

The 38-year-old captained Wales and won 64 caps between 1991 and 2007, but failed to help his side qualify for a major international tournament.

Giggs had previously hinted that he would accept any invitation to play for the team as long as the Football Association of Wales had no qualms with his involvement.

Meanwhile, Evans will miss the Olympics in order to undergo ankle surgery.

The 24-year-old was expected to be named in the Team GB squad but will now have an operation to ensure he is fit in time for pre-season.

"Jonny is not available, he's getting an operation in the summer so he is out anyway," Ferguson said.

United revealed on Friday that Chris Smalling would miss Euro 2012 with England after aggravating a groin problem, and the 22-year-old could also miss out on the Olympic squad for which he has been shortlisted.

With both defenders sidelined for the summer and captain Nemanja Vidic recovering from cruciate knee ligament damage, United's defence could look threadbare at the start of next season.