The 23-year-old has not featured for the North-East outfit in a competitive match this season, but played in Northern Ireland's 2-0 win over the Faroe Islands at the weekend.
"If I'm honest, I'll probably have to go somewhere else," the Sunderland Echo quotes Ferguson as saying.
"Alan Pardew has said he's been impressed with me in training, but I'm still young, so going out on loan could be a good thing for me. I don't want to be sitting doing nothing, I'm not like that."
Ferguson made his senior debut at Newcastle in 2009.