Ferrer, who won 27 career titles and reached a career high of world No 3, has been on a farewell tour of his favourite tournaments this year.
And after 19 years as a professional, the Spaniard will finally hang up his racket at the end of the event.
But before Ferrer departs, the likes of Federer, Nadal, Juan Martin del Potro and Dominic Thiem honoured him in a special ceremony at the ‘The Magic Box’ stadium.
Ferrer, 37, will play compatriot Roberto Bautista Agut in the first round on Tuesday.
Speaking in his pre-tournament press conference, Federer was full of admiration for Ferrer.
“Yeah, look, I’m a big admirer of his work ethic and personality. Of course, also his success,” the Swiss star said when asked about Ferrer.
“But the person comes first and he’s — the guy has been so solid for the last 20 years. He’s always been the same guy and I have always appreciated that.
“We’ve always had for the little we speak together, you know — or as much as we speak together — it’s always been one of a lot of respect and, obviously, we’ve had some good matches over the years.
“They all went my way — okay, fine. But I don’t see it the head-to-head that way, you know. I see a guy — he’s at my level and I look to him eye-to-eye, you know.
“And so I’m happy for him that he was able to take the decision and really he seemed genuinely happy because he is also playing well now at the end of his career and he can go out on his terms and for any top athlete like he is, that is the dream, you know, that you can leave on your terms.
“And I hope it is going to be a wonderful experience for him. I’m sure he will be a little torn in his heart that it’s coming to an end.
“But yet he’s going to feel the love from the people. And that was already a case in Barcelona as well when he played Rafa there and now again here in Madrid. It is going to be great.
“He has all the respect from my side. He doesn’t need to prove himself anymore. And I just wish him all the very best for what is to come with his family and his future.”
After beating Ferrer at the Barcelona Open last week, Nadal was full of praise for his friend.
“David is not retiring because of his level but it has been a complicated year and a half for him with injuries,” Nadal said.
“His level this year has still been very high and for all these years he’s been fighting hard and giving us pleasure watching him. We are all grateful to him.”