Federer guaranteed he would replace Andy Roddick on top of the rankings with a comfortable 6-4 6-1 6-4 victory over Ferrero, who somewhat self-destructed at Melbourne Park.
The Swiss star will be the 23rd player to top the world rankings since their inception in 1973 and the Australian Open will have a new men's champion.
He dropped to his knees in the middle of the Rod Laver Arena to soak up the adulation of the crowd.
"I love it. I was looking forward to it because I really had the chance to become number one in the world," he said.
"I missed it in Montreal against Andy Roddick and to take it this time. I was really nervous in the end.
"I may have a poker face sometimes, but I do get very nervous."
Federer was looking forward to an intriguing match-up in the final against Safin.
"I am confident. Have you ever seen a number one in the world who is not that confident?" he said.
"He is a great guy, a great match, great player. I am looking forward to playing. We always have fair matches.
"He is one of my favourite guys to play against, not just the results, but he is a great guy.
"I think the whole tennis world is really delighted he is in (the) final too."
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