The 34-year-old is expected to depart Bloomfield Road in search of regular first-team football, but reported moves to Championship clubs have not yet materialised.
Blackpool boss Ian Holloway told The Blackpool Gazette: "We are hopeful he will go on a short-term loan to our local neighbours. My chairman dealt with it in a really good way.
"And we've come to a really good solution. It was the chairman's idea, the resolution, and it looks like it will be a good resolution for everyone.
"He'll go on a short-term loan and Karl has said he can have a free, that's a big statement for a player he spent £750,000 on."
Meanwhile, Fleetwood boss Micky Mellon stated: "There is still a lot needed to be done before it happens, but I have spoken to Ian Holloway - now I need to speak to Barry Ferguson to see how he feels.
"Obviously, when a player of that calibre may be available, you have to be interested."
Ferguson made 45 international appearances for Scotland.