Nisbet has scored 12 Scottish Premiership goals this season and has the ability to play in multiple positions across the front line.
His performances have led to suggestions that he could be on the cusp of a move to one of the big two of Scotland in Celtic and Rangers in the next transfer window.
And Ferguson admits that he would be surprised if either of the two Glasgow clubs do not sign Nisbet in the summer.
He admits that any new signing is a gamble for a club, but believes Nisbet is the kind of player who could be worth a punt if Celtic or Rangers want him.
The former Rangers star stressed that the 24-year-old has the ability to become a top centre-forward.
Ferguson said on the Go Radio Football Show: “I think it would be crazy if both Rangers and Celtic are not looking at Kevin Nisbet.
“I’d be honest with you.”
He continued: “You are always taking a gamble, every signing is a gamble no matter whether you are paying £1m or £5m.
“I think players like Kevin Nisbet are worth the gamble, I really do.
“If it doesn’t work out you will always get your money back, there will always be clubs interested but I just like him.
“He has got all the attributes to be a really good centre-forward.”
Nisbet has been linked with a £3m move to Celtic in the next transfer window.