United have won five straight league games this term, scoring an impressive 21 goals in the process.
It is the club's best start to any top-flight campaign since 1985 — before Ferguson even arrived at Old Trafford — and the boss says he is loving it.
"It is breaking new ground for me — and to say that at this stage of a fairly lengthy career is really something.
"I'm excited and why not? Because we have been privy to something rather special.
"Of course, you can't help wondering if it is going to last and, after a lifetime in the game, football has taught me that there is often a banana skin around the corner.
"I ask myself, 'Will the bubble burst?' But while accepting that our present form is exceptional, I can't help but feel that this season is going to be good for Manchester United.
"We may find it difficult to maintain the scoring spree that has been such a feature of our Premier League games so far this season.
"But I believe we will continue to be a handful for our opponents and make a serious championship challenge again."
Despite real cause for optimism, Ferguson still saw room for improvement after watching his side dismantle Andre Villas-Boas' Blues.
Fergie added: "Some of our football was terrific — even if we were careless at times.
"We did OK when we got the ball to Nani and Ashley Young. Chelsea could not cope with that.
"For the neutrals, it was fantastic and open. That's strange because games between us are usually tight.
"Some of our football was terrific in the second half and we should have finished it off."
Fergie reserved special praise for Nani's thunderbolt, on his 100th appearance for United.
It put the hosts 2-0 up after Chris Smalling's headed opener.
Fergie added: "The Nani finish was fantastic, unbelievable."
United could have had four but for a Wayne Rooney penalty miss in the second half when he slipped as he took his kick after a foul on Nani.
Ferguson said: "I don't know what Wayne was trying to do with the penalty. He normally takes them very well."
United have really hit the ground running, which was always Ferguson's plan after learning from Chelsea in recent seasons.
He said: "I see our players every day in training and know our capabilities.
"I must say it wasn't difficult getting the players to play in top gear from the start because there is a strong, youthful element in the squad with lads prepared to run and run.
"The enthusiasm of this particular group is tremendous. They have the energy and there's no stopping them."
Manchester United legend Steve Coppell has hailed the quality of Sir Alex Ferguson's squad but remains wary of City's recent emergence as a force in the Premier League.
Ferguson's United have made an impressive start to the 2011-12 season with the club currently at the summit of the Premier League table after claiming five wins from as many games and scoring 21 goals in the process.
City, meanwhile, who have benefited from heavy financial investment in recent years, look genuine contenders for the title this campaign, with the club placed second at present after their 100% record came to an end with a draw at Fulham last weekend.
Coppell, who made over 300 appearances for United as a player and later spent a brief time as boss of City, said: "You look at the squad Alex has developed and it just looks to be exceptional.
"I've yet to see the confrontation with Manchester City but, in terms of the depth of squad United have, I can't see them falling. Alex called them the noisy neighbours. But now they're beginning to walk the walk.
"All of a sudden, it's a head-on battle across the city. It'll be fascinating to see the first derby this year to see who comes on top."
Coppell also reserved particular praise for Ferguson, who will see his United side lock horns with City in the league on October 23 ahead of celebrating a quarter of a century in charge of the Red Devils.
"His drive, even now, has been incredible," Coppell said, speaking at the launch of Manchester United '19', which chronicles each of the club's record-breaking 19 league titles.
"I think he gets reinvigorated by forever chopping and changing the team, bringing new elements to the side. It's easy for a manager to become complacent, but he never does. The joy for every goal they score is apparent when you watch him on the sideline, the pain of every goal conceded."
It might not have been the most aesthetically pleasing performance of the season - but United 2-0 Norwich was nevertheless the match that made another piece of history for Sir Alex Ferguson's men.
The Reds' 19 consecutive league wins at home constitutes a club record, and Sir Alex was pleased with that even if the display - albeit on a baking hot October afternoon against a resilient away team - was a little disappointing.
"You couldn't say that was a good performance today but it was gritty and determined as we always are and we never give in which is a fantastic quality," Sir Alex told MUTV. "Our home record has been fantastic over the last year. Only the draw against West Brom [last October] has spoiled it a bit. It would have been a really fantastic record otherwise. We still remain undefeated at home in the league [since Chelsea, April 2010]."
A forgettable first half in which Norwich goalkeeper John Ruddy scarcely had a save to make prompted Sir Alex to make tactical tweaks at the break, and he feels these changes had a positive effect.
"We changed Ji-sung Park into a more central position, and Nani to the wide left position, to allow Antonio Valencia to get forward a bit more on the right. We improved a good bit, we had much more speed in our game and more control. In the second half we improved but we still hardly made any chances in the game because they were so deep. They had everyone in the penalty box, two midfield players sat in front of the back four. I've seen that before many times and it's very, very difficult to break down. We found that today.
"Norwich just stuck to their box and hit long balls and they got a few counter attacks out of that and caused us a few problems. In fact, they probably got something out of every counter-attack. That put us under pressure a lot. Norwich's counter-attacks could have hurt us."
The most painful of the attacks Sir Alex referred to should have put Norwich 1-0 up in the 65th minute but instead the agony was all Anthony Pilkington's as the Canaries midfielder contrived to slot the ball wide when he only had United goalkeeper Anders Lindegaard to beat.
"It was an incredible chance for them," admitted Sir Alex. "Antonio [Valencia] got caught dallying on the ball a bit and he [Pilkington] has knocked it wide. You thought with that chance he's got to hit the target so it was a break for us."
United captalised on the let-off just three minutes later and the all-important first goal came from an unlikely source, given that Wayne Rooney and Javier 'Chicharito' Hernandez had both recovered from injuries to start the match. "You don't expect Ando to score with a header, do you?" said Sir Alex. "But you take a goal from anyone. Norwich still continued to have a go at us after that and it was quite an exciting game then."
Danny Welbeck came off the bench to bag the killer second strike - his third goal in five days, and his fifth of a promising season - and again the boss had his reasons for making the switch of personnel. "I just felt we needed someone to get hold of the ball up front," explained Sir Alex. "Chicharito in this particular game just didn't have the spaces he normally gets. Danny came on and improved us a bit."