The Glasgow giants are sitting top of the league table after nine games, but their 1-1 draw against Hearts at home last weekend exposed a big problem for Gerrard’s side this season.
Rangers created a plethora of chances but Morelos missed a few glaring chances, which forced his side to settle for just one point.
Morelos has scored just five times in 15 appearances in all competitions this season but Gerrard recently insisted that he would have been more worried if the Gers were not creating the chances.
Ferguson is certain that the Rangers boss will be privately concerned and stressed that apart from Morelos, the other players are also failing to chip in with more goals, unlike the previous campaign.
The Rangers legend also echoed Gerrard’s words and conceded that he would have been more concerned if Morelos was not getting into those goalscoring opportunities.
He is hopeful that one goal will be the trigger for the Colombian to get back to form but admitted at the moment he lacks sharpness in front inside the penalty box.
Ferguson said on the Go Radio Football Show: “I am sure that is something that Steven Gerrard is concerned about.
“If you go back and look at the stats this time last season, Morelos was in a lot more goals and a number of players were chipping in.
“Morelos is struggling to hit form just now and looks a bit off.
“But I do agree with what Gerrard said, at least he is getting into positions as a striker. You start to worry when you are not getting into goalscoring positions.
“He has been getting opportunities, he is just not putting them away. He looks to me like he is lacking a little bit of sharpness and fitness.
“It just takes one goal and hopefully he can get back on the trail again.”
Rangers have scored more than once just twice in their last six games in all competitions.