The young team, nicknamed the Busby Babes, were on their way back from 3-3 draw away to Red Star Belgrade which was enough to send them into the semi-final of the European Cup.
Eight journalists, the co-pilot, cabin steward, travel agent and a United supporter were also killed in the crash that only 21 people survived.
The service is set to commence at 2.40pm, with a minute's silence at 3.04pm to the mark the time of the disaster.
United captain Michael Carrick and manager Jose Mourinho then stepped up to lay wreaths on the specially-erected stage at the side of the Old Trafford pitch before those assembled sang the traditional football hymn Abide With Me.
Despite not having been on the flight, the goalkeeper describes how the experience left him and the great Sir Bobby Charlton suffering from insomnia - meaning they were often room-mates for the remainder of his United career. #FlowersOfManchester. Exactly 60 years have passed since the Munich air disaster - the biggest tragedy in Manchester United's long history, but the memory of those lost lives on.
"City simply said "#ACityUnited" while Liverpool's account read: "Our thoughts are with all of those affected by the Munich air disaster. They won the league again in 1957.
"Forever and ever we'll follow the boys of Manchester United, the Busby Babes", Manchester United said in a poem on it's website.
The events of February 1958 are woven into the fabric of the club, who recovered to become the first English team to lift the European Cup 10 years later on a deeply emotional night at Wembley, with Charlton scoring twice.
February 6 is a significant date for those connected with Manchester United..
Ferguson, just 16 years old at the time of the Munich crash, told MUTV: "I'd gone to the library straight from school swatting for an exam and I was training with the local junior team".
"The victims will never be forgotten, they will always be remembered and will be a part of United's history forever".