Rangers will open their Europa League campaign with a Group C game against Real Betis at Ibrox on Thursday night.
The Glasgow giants have made a slow start to the season but are coming into the game on the back of a 2-0 win in the Scottish Premiership away at St. Johnstone.
Betis were hammered by Barcelona last weekend and several of their starting eleven players are currently unavailable due to injuries.
Ferguson urged Rangers to have a go at Betis and feels they have a real chance of getting all three points at home on Thursday night.
The Rangers legend is certain that the fans will get behind the team if they show hunger and desire and put Betis under pressure under the lights at Ibrox.
The former Rangers captain said on the Go Radio Football Show: “You are at home.
“Going into the game, people will fancy Betis as the favourites but I think Rangers need to have a go at them
“You are at home, in front of your own fans and have got to take a bit of confidence from keeping a clean sheet and scoring a couple of goals away from home.
“I think Rangers will win the game.
“It will be pretty close and you look at Betis, they are missing five or six of their certain starters so I fancy Rangers to do it.
“It will be a tough one but they have got to have a go, get in their faces and make it difficult for them and fans will get right behind them if they show real desire and hunger.”
Rangers will hope to make it out of the group stage and remain involved in European football at the start of 2024.