officially take charge of the Premier League champions on July 1, after agreeing a six-year contract.
Ferguson, who announced on Wednesday that he will step down at the end of this season, effectively hand-picked his successor after recommending his fellow Scot to United owners the Glazer family.
However, some pundits fear Moyes could be suffocated by 71-year-old Ferguson, who will still be involved at Old Trafford as a director and ambassador.
United suffered from that situation in the 1970s when legendary manager Matt Busby stayed on as a director following his retirement, casting a long shadow that intimidated several of his successors, including Wilf McGuinness and Frank O'Farrell.
Yet Hodgson is convinced it will help Moyes that Ferguson will be on hand to offer advice on the unique challenges of managing one of the world's biggest clubs.
"I'm sure that being available for the new man he will be a Godsend in that respect because there is nothing he doesn't know about football and Manchester United," Hodgson told Talksport.
"The amount of time he has given to younger managers in terms of advice and support, and the support he has given to the LMA (League Managers' Association) to protect those managers, you don't expect that from someone at the very top of his profession."
Steve McClaren spent two and a half years working under Ferguson as United's assistant manager and the former England boss expects Moyes to strike up a strong bond with the man he has replaced.
Managing a club of United's profile and success will put Moyes under the microscope far more than in his previous jobs at Everton and Preston.
But, like Hodgson, McClaren thinks Ferguson's presence will make for a smooth transition.
"I think it's a fantastic appointment," McClaren told Sky Sports News.
"He has a near identical work ethic, character, competitiveness to that of Sir Alex but he's got that longevity at Everton - to build a club and sustain that success year in, year out, at their level.
"The key thing is he will have Sir Alex at the side of him and if they get on, as I know they do, it's the master and the apprentice.
"He has to be open to that help. The experience Sir Alex has got will be invaluable."
While Moyes has failed to lift any silverware during his 11-year reign at Everton, his ability to keep the Toffees in contention for European qualification on a limited budget demands respect.
Even Chelsea interim manager Rafael Benitez, who clashed with Moyes on several occasions during his time with Everton's Merseyside rivals Liverpool, expects his old sparring partner to succeed at United.
"He's a good manager," Benitez said. "I think that he will have a very good team, so I'm sure he will compete at the top and he can win trophies with a big club.
"It's not easy to find someone like Ferguson, but he's a manager with experience in the Premier League. He knows the players, he knows the club and the Premier League.
"It could be a good appointment, but it takes time to say."