The honours were bestowed upon the pair on Wednesday, with the long-term rivals recognized for their sizeable achievements.
Ferguson led Manchester United for 27 years, guiding the club to 13 Premier League titles, along with five FA Cups, four League Cups and two UEFA Champions League crowns.
Wenger was Ferguson’s long-term rival during his tenure at Arsenal from 1996 to 2018.
The Frenchman won the Premier League three times with the Gunners, along with seven FA Cup titles.
“It’s an honour when you receive recognition like this,” Ferguson said in a press release.
“However, it’s not just about me as a person. It’s about the job at Manchester United and the bond we had over many years, so I’m also proud for the club, the staff and my players.”
It’s hard to rival Ferguson’s influence on the Premier League given his list of titles, recording 528 wins from 810 matches. Wenger led 828 matches for 476 wins and 199 draws.
“To share this with Sir Alex is a great honour for me,” Wenger said.
“It’s like two boxers, you fight like mad and go the distance together. At the end of the day, you have respect and it will be a great opportunity to meet with him, share a good bottle of wine and memories of our old battles.
“I’d like to be known as someone who loved Arsenal, who respected the values of the club and left it in a position where it can grow and become even bigger.”