The youngsters beat Crystal Palace 12 years ago and were hailed as the most talented crop at Old Trafford since the Busby Babes the 1950s.
Six of the squad for the final went on to play international football but only Ryan Giggs and Gary Neville will be left if Butt signs for the Magpies.
Most of the 1992 team were eligible to defend the trophy the following season and the squad was bolstered by future internationals Paul Scholes and Phil Neville. However, they lost the 1993 final to Leeds.
Here, we looks at what happened to the class of `92.
1992 FA Youth Cup team:
Ryan Giggs - The Wales international has been United's left winger for the last decade despite attracting the interest of top European clubs. He was part of the treble-winning team of 1999.
Gary Neville - The England international has just signed a five-year contract to keep him at Old Trafford until 2009.
Simon Davies - The midfielder went on loan to Exeter and Huddersfield before moving to Luton in 1997. He also played for Macclesfield before joining Rochdale but was released in 2001.
Nicky Butt - He scored twice in 1992 final against Palace and went on to play for the senior team. The midfielder was the base of Sven-Goran Eriksson's diamond formation.
Ben Thornley - The midfielder played a handful of games for United before moving to Huddersfield in 1998. He is now at Conference side Halifax after spells at Aberdeen, Blackpool and Bury.
Robbie Savage - The Wales international moved to Crewe two years after the FA Youth Cup win. He moved to Leicester and has spent the last two seasons at Birmingham, where his performances have attracted a number of Premiership clubs.
David Beckham - The England captain made over 400 appearances for United and won the treble in 1999. He moved to Real Madrid last summer for '25million.
Keith Gillespie - The winger moved to Newcastle and went on to play for Blackburn and Leicester. The Northern Ireland international was relegated last season with the Foxes.
Chris Casper - The defender moved to Reading in 1998 after loan spells at Bournemouth and Swindon. He was forced to retire from injury after 46 appearances.
Kevin Pilkington - The goalkeeper is now at Mansfield after spells at Port Vale and Wigan. He only made six appearances for the senior team and had loan spells at Rochdale, Rotherham and Celtic.
John O'Kane - The defender had spells at Everton before being moved to Bolton in 1999. He moved to Blackpool but was released last summer and he is currently club captain at Unibond league side Hyde United.
Colin McKee - Made his senior debut in 1994 but left Old Trafford that summer. Had a three-year spell at Kilmarnock, making 90 appearances, before being released in October 1997. Had short spells at Falkirk, Ross County and Queens Park but has been out of the game since 2000.
George Switzer - Not in professional football after short spell with Darlington.
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Evolution. It's the only way.
The class of '92' was good, but it is time to move on. Nicky Butt departure is a remainder to all that their are major restructuring occuring at Old Trafford, but it is to be expected. The time is right for Butt to move on and play out the remainder of his career as a regular every week. Newcastle a good club for him and the last 3-4 years of his career will be good, as long as he recovers his form. We must look to the future, Fletcher, Ronaldo, Smith, Miller, O'Shea, Brown, Spector, Howard and Eagles.
Personally I feel bad to see Butt go, coz he's been one of the most faithful servants of the club. However we've got to be honest and say that the club has move way past his style of play. Todays holding midfielders are also expected to be creative and offensive minded and that's something that's missing in his game. Hope he does well for Newcastle and hope he N E V E R gets a goal against us.
I wish they could all have gone,including Giggs and Keane,he has been messing around with those two for the last three years,when he should have bought Duff before Chelsea were interested.