The Manchester United manager expects the winger to be fit for the Champions League match away to CFR Cluj next week, and has even given Valencia an outside chance of being in the squad to play Tottenham Hotspur.
Ferguson told the club's official website: "Antonio Valencia is doubtful for Spurs.
"He got a knock, first of all, when he went into the tackle with Daniel Agger and Glen Johnson before he broke clear and got brought down.
"He got an ankle injury there. But, if he's not okay for tomorrow, he should be okay for Tuesday."
United could move to the top of the Premier League if they beat Spurs at Old Trafford this weekend.