Mr Miliband sparked a media storm when he resigned from his post as non-executive vice chairman at Sunderland over Paolo Di Canio’s appointment as manager, citing concerns over the Italian’s “past political statements”.
It came just days after the former Foreign Secretary quit as MP for South Shields to head up the International Rescue Committee in New York.
Mr Miliband had already stood down from frontline politics after losing out on the Labour leadership to his brother Ed.
Mr Cameron responded to a barrage from Ed Miliband in the Queen’s Speech debate by drawing parallels between his brother’s resignation from Sunderland and his standing down as a Labour MP.
He said: “Let me take this opportunity to welcome to the House (new South Shields MP) Emma Lewell-Buck, who is in her place for the first time today.
“I know that some in the House will be sad that her predecessor has left us. It could be said that he walked out on the organisation that he loved after disagreeing with its choice of a new leader — but today is not the day to talk about Sunderland football club and Paolo Di Canio.
“It is the day, perhaps, to sing the praises of Sir Alex Ferguson, a remarkable man in British football who has had an extraordinary, successful career.
“I am sure that all Members, even those on the blue team, will want to pay tribute to this member of the red team. Perhaps he could now provide some consultancy services for Aston Villa.”