The Old Trafford director confirmed he will adopt another position within the game while continuing to work for the Reds.
"It is an honour and a privilege to accept this role as ambassador for UEFA," he stated.
"With the experience I have had over the years, I hope I can help young coaches, in particular, in an industry which is becoming more difficult. Young coaches have to be prepared to make sacrifices and time is not guaranteed in modern-day football because it has become very much a results industry.
"The best chance they have got is to prepare for it. I took my full coaching badge when I was 24 years of age and I thought that was the best thing I did to give myself a proper chance to be able to survive in football.
"I would also tell them not to change their own philosophy but to have faith in it and believe in themselves.
"It's also about the sacrifices you have to make. Ask any manager's wife exactly what sacrifice means because they are working all the time. They are at games, at training, they are coaching, but that's the sacrifice you have to make and you need to understand that when you start."
Michel Platini, president of the European governing body, explained the job in more detail at an executive committee