The Magpies are tipped to replace Steve Bruce with a new manager in the near future and Gerrard has been named among the candidates under consideration at St. James’ Park.
With Newcastle’s new owners, the Saudi Public Investment Fund, setting their eyes on winning the Premier League in five years, Ferguson can see why they could be interested in bringing in Gerrard as their new boss.
The Ibrox favourite pointed out the resources and money Newcastle’s new owners have at their disposal and admitted that he is worried about the prospect of Gerrard moving to St. James’ Park.
However, Ferguson is of the view that the Englishman has unfinished business at Rangers and is hopeful that he stays at Ibrox to continue winning trophies with the club.
“If you ever asked me before this takeover, a club like Newcastle would come in for Steven Gerrard, I don’t think it would have happened“, Ferguson said on the Go Radio Football Show.
“But now, you’re talking a different ball game, you’re talking about owners I’ve just mentioned there, the money that they’ve got.
“It looks clearly as though they are going for it, they want to be winning the Premier League in five years and they want to bring in big names.
“Obviously, Steven Gerrard is a massive name not just in British football, but world football.
“I wouldn’t like to see it happen, but to be honest with you, I still think he has got unfinished business.
“Look, great season last year in terms of winning the league, for me, I said at the start of the season that he needs to go on now and win more trophies.
“Obviously the domestic trophies in terms of the Scottish Cup and League Cup, that’s something that we spoke about over the last couple of weeks.
“So, I still think he has got unfinished business and I’d like to think he would stay up in Scotland.“
It remains to be seen if Gerrard will be tempted to leave Rangers should Newcastle make a formal approach for him.