Rangers are now in the process of identifying a new manager after sacking Michael Beale over the weekend.
The Glasgow giants are expected to finalise the appointment of a new manager during the next international break.
Steven Davis is in interim charge of the club and Ferguson insisted that the positive thing is that the club are still very much alive in four different competitions.
While he conceded that being seven points behind Celtic at this stage of the season is not ideal, the Rangers legend stressed that the club will play in the semi-finals of the Scottish League Cup next month and are likely to progress from the group stage of the Europa League.
The former Rangers captain said on the Go Radio Football Show: “On a positive note, they are still in four competitions.
“Yes, they are seven points behind Celtic; it’s a lot after seven games but they are in the semi-finals of the League Cup.
“I think they will get out of this Europa League group because I look at the teams, certainly Prague and Limassol at home will take care of themselves.
“The Scottish Cup is still to start up, so they are still in four competitions.”
Rangers have made enquiries into the possibility of getting Preston boss Ryan Lowe as their new manager.