Ferguson last left London Road in February 2015, later taking over at Doncaster, where he stayed until stepping down in June 2018.

Peterborough co-owners Darragh MacAnthony, Jason Neale and Stewart Thompson view Ferguson as the right man for the long-term, given his previous efforts of three promotions and success in the 2014 Football League Trophy final at Wembley.

"We know the club very well, so we are delighted and really looking forward to it," Ferguson said in an interview with ThePoshTV.

"Things have changed since I was last here, like the new owners working alongside the chairman, who I know very well and we have an excellent relationship.

"He demands a lot, but the potential of getting into the Championship is always there, that is always the most appealing thing for me.

"I need to be aiming to get in the Championship and stay there."

Peterborough have invested in their academy and training ground, as well as continued improvements around the stadium.

Ferguson is in no doubt he has signed up with a club heading in the right direction.

"It has got fantastic potential, the best position it has been in since the last time I left," he said.

"We want to build a squad and group of players who tie in with that, fairly young, lots of energy, drive and ambition which matches ours."

Peterborough host relegation-battlers Southend on Saturday, looking to close the two-point gap on sixth-placed Doncaster, although having played a match more.

"We have got eight games left of this season to try and get into the Championship – that is not dead and buried yet," Ferguson said.

"I am raring to go, as is (assistant manager) Gavin (Strachan), and we will give it our best."

A statement from Peterborough's co-owners maintained Ferguson "epitomises everything that we would want in a manager" as they look to move forwards.

"Our aim is simple, we want to be a Championship football club and we believe that this management team can get us there and once we are there we can stabilise before a tilt at the top end of that division," the statement on the club website read.

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