Matondo came on in the second half for Rangers against St. Johnstone on Saturday and scored in their 2-0 away win.
The winger was ineffective when he started against Celtic in the Old Firm derby but looked far more dangerous when he came on from the bench last weekend.
Ferguson does not believe his game has enough to start for Rangers but thinks he has value as an impact player from the bench for Michael Beale’s side.
The former Rangers captain stressed that with teams tiring towards the end of games and spaces opening up, Matondo can hurt opposition sides with his pace as a substitute.
The Rangers legend said on the Go Radio Football Show: “That’s what Matondo can bring as an impact player.
“From the start? I don’t see enough.
“But coming off the bench when the teams are starting to get tired and spaces start to happen for the opposition, that’s where he can really hurt them.”
It remains to be seen whether Matondo is again on the bench when Rangers take on Real Betis in the Europa League on Thursday night.