The former England international says that with so many foreign players coming into the country, young English players are being denied the opportunity to play.
Highlighting the match between Manchester City and Newcastle United, Ferdinand told the Daily Mail: "Having so few English players in the Premier League diminishes the English team, of course it does.
"Look at the Manchester City game recently against Newcastle. There was barely an English player on the pitch, three out of 22 starters.
"That is a disgrace. If you look at it and ask whether there should be a stipulation that you have a minimum number of players who are English, even just in your squad, I think that should happen."
Dyke also set out his own target of England winning the 2022 World Cup, but Ferdinand added: "If you look at a lot of teams, there are England players who aren't playing for their clubs - yet we're hoping to go to a World Cup and do well!"
However, while Ferdinand accepts that introducing a quota would be impossible, he believes that England should follow Turkey's example.
"I would do what Turkey do, and have limits," he said. "In that country, clubs can have a maximum of 10 foreign players on the books, and no more than six in any 18-man matchday squad.
"I know that European laws won't let a legal quota happen. So you can't do that. But if you want to protect English football and its heritage and its future, something like that has to be done."
Ferdinand won 81 caps for England.