The socceroos fired old boss Holger Osieck on Friday following back-to-back 6-0 defeats to Brazil and France and are yet to find a replacement.
Ferguson called time on a 26-year career at Old Trafford at the end of last season, but Bosnich wants the Scot to change his current status and reign down under.
"We've been throwing around a lot of names but there's one person that I haven't heard mentioned - even though I've got more reason than anyone not to suggest him," Bosnich Triple M radio station.
"I'm just being honest and have had experience under him, so know what he's like - it is Sir Alex Ferguson.
"That name hasn't been put about, but we need someone of that ilk. He would command a top whack, but in life, and especially in sport, you get what you pay for. If you want the very best, you're going to have to pay for the best."
Ferguson managed Scotland at the 1986 World Cup due to Jock Stein's sudden death, but failed to progress from the group stages.