Powell caught the eye with a series of fine performances as Crewe reached the League Two play-offs, scoring a dazzling volley in the final as they beat Cheltenham 2-0 to secure promotion.
United formally completed the deal to sign the 18-year-old on July 1, but Ferguson said the club had put the formalities in place earlier amid growing interest in him.
"We thought that, if we waited until the play-offs, the secret would be out, so to speak. All the TV cameras would be focused on him and it might alert a few other clubs," he told United's official website.
"Mind you, there were already quite a few interested. As well as Arsenal and Chelsea, we knew Manchester City were keeping tabs on him, so I phoned [Crewe director of football] Dario Gradi, told him we were keen, and we started negotiating.
"We sorted the deal with the chairman and agreed we'd leave it until after the play-off finals. It was all in place a good 10 days beforehand.
"Nick's agent told Nick after the match, and then he came up to my house the next day and we got the deal done.''
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