"We made contact with Carlos, we sent him texts and spoke to him when he was in Argentina. Our chief executive, David Gill, made an offer to his agent, Kia Joorabchian, and we spoke to Tevez before we played Internazionale [in March] and told him we had spoken to Kia but we never heard back." said Ferguson.
"In my opinion, I don't think he was worth £25m. He was popular with the supporters. The fans quite rightly have their heroes and I was happy to go along with the deal as long as it was the right one but, quite simply, he is not worth £25m."
Ferguson also believes he is unlikely to taste Champions League football with Manchester City.
"You ask yourself what their best team is," he said. "And you ask yourself where that would take them. And you would have to think they would still struggle to get into the top four. I am not saying they won't do it. I am just saying they would find it extremely difficult. It is a tough top four that. Aston Villa almost managed to break through but they tapered off because they were worn down by having such a small squad."