Lundstram had a few clubs chasing him in the summer when he was available on a free transfer, but Rangers convinced him to move to Scotland.
His start in Scotland has been a bit bumpy and has just started one of Rangers six league games; he was an unused substitute against Motherwell at the weekend.
Steven Gerrard has insisted that Lundstram will show his qualities in due course and Ferguson also conceded that the midfielder will need some time to settle down in Scotland.
But the Rangers legend admitted that time is at a premium when a player belongs to one of the Glasgow giants and Lundstram will need to get going soon in a Gers shirt.
He stressed that despite being a free transfer, his arrival at Rangers had some hype and the midfielder will need to justify his billing sooner or later.
Ferguson said on the Go Radio Football Show: “The first year Sheffield United came up, Lundstram was one of the top performers.
“It is just going to take time, but you don’t get a lot of time in here at the Old Firm so he needs to hit the ground running pretty quickly.
“He was a big signing.
“I know it was a Bosman but he was a player that the manager chased for a long time and beat an awful lot of clubs to bring him.
“Now Lundstram he needs to show how good he is.”
Lundstram will hope to win a place in Gerrard’s starting eleven soon and get a run of games in order to display his qualities.
