Former United captain Keane gave a bombshell interview to club channel MUTV in 2005, criticising a host of teammates following a 3-1 defeat at Middlesbrough.
Ferdinand was among those called out by Keane with Alan Smith, Darren Fletcher and Kieran Richardson also bearing the brunt.
Ferguson stepped in to stop the interview being broadcasted after being left seething by Keane's rant.
The legendary manager subsequently called a meeting with the midfielder alongside chief executive David Gill where Keane was informed he would never play for the club again and his current contract, which was nearing its expiry, would be paid off.
Ferdinand shed more light on the bust-up between the pair on his FIVE YouTube channel and described the saga as a 'movie in itself.'
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"We play a game on a Saturday, a player gets nominated on MUTV to do analysis of that game," Ferdinand recalled.
"We get beat by Middlesbrough, everyone plays rubbish. Roy Keane does the video analysis and destroys the whole team, including me. He goes through people individually, hammers them.
"The manager, before it goes out, gets wind of it, cancels it going out, says it ain't going out anywhere, that is a disgrace, it can't happen.
"Calls a meeting at the training ground, we all go into the manager's office, watch it and the manager goes off. It's a movie in itself, everyone's cringing. The manager's going how dare you, I'm the only one who should speak about our players publicly."
Ferguson then told the rest of his squad that Keane would never play for Manchester United again with Ferdinand claiming 'some mad stuff was exchanged between the pair.'
Ferdinand said: "Roy has a go back, it kicks off between the coach and Roy again, some mad stuff said. The next day we go into training, the manager calls a meeting as we go on the training pitch and says just so you know Roy Keane will never play for this football club again."
The former United defender was asked what message Ferguson's decision sent to him, and replied: "Shiver me timbers. Do not f*** with this guy, do not mess with Sir Alex. This guy is the truth. This guy is the coldest dude about.
"This is our captain, this is a legend of the football club, a phenomenal player, a great guy to have around the place when the chips are down. You know you can look to your right and go Roy, where do we go now?
"The manager says not on my watch, this ain't happening. My man is done, he's done. He's doing that, he will never wear this kit again, looking around and all of a sudden he goes, let's go and train."
He continued: "I know some man's legs were flaky after that on the way over, like spaghetti on the way to the training pitch, because Sir Alex Ferguson's cold, you've got to be cold in those situations."