The Scot, who had two spells at Goodison Park during a 16-year playing career, retired from the game in 2006.
Toffees boss David Moyes, who managed the 39-year-old during his second stint at the club, revealed that Ferguson is working towards his coaching qualifications.
"I didn't foresee him going to coaching when I had him as a player, but I think he misses the smell of football," he said.
"He wants to watch and see what's going on. He is not a qualified coach yet because he is going through his badges, but we have got him in and he's happy to do the time and is working down at the academy.
"It could lead to something more, but what you need is your qualifications and that is the first thing."
Ferguson scored 72 goals in 273 games for the Merseyside club.