Ferguson is being linked with a move for £10m-rated colleague Mark Viduka when the transfer window opens next month.
But the Old Trafford boss sees Milner as one for the future.
Any move for Leeds-born Milner will depend on events at Elland Road.
If Leeds fail to find a new buyer by January 19th and are forced into administration, Fergie could swoop straight away.
But if The Whites are saved by one of the consortia battling for power, then Ferguson will almost certainly wait until the summer.
Ferguson is guaranteed regular form updates because Milner's agent is Fergie’s son, Jason.