Steven Gerrard is looking to add more quality to a squad that won the Scottish Premiership title with room to spare last term, finishing 25 points ahead of Celtic.
Fashion Sakala has already been snapped up and there are suggestions that Rangers could look to add more strength to their forward line this summer.
McBurnie has been linked with a move to Ibrox in the next transfer window with suggestions that Rangers could splash out £15m to snare him away from Sheffield United in the coming weeks.
But Ferguson does not believe that the move is feasible and stressed that only a loan deal for the 24-year-old is likely to make financial sense to Rangers.
The Rangers legend said on the Go Radio Football Show: “The only way they could afford him is a loan.
“I think he has three years left on his contract. The only way that could happen is a loan for a year.”
The former midfielder believes McBurnie is a hard-working player who has received some unfair criticism, but does not believe Rangers want him now.
“I have watched him a few times for Sheffield United and he gives everything, he tries hard and he has got a lot of unfair criticism at times.
“He has got something but is he somebody Rangers would look to sign? I don’t think so.”