The 25-year-old centre-back grabbed headlines earlier this week and when he scored in Scotland’s 2-0 win over Denmark, which booked their place in the World Cup playoffs.
Souttar has been impressive for Hearts in the Scottish Premiership this season and it earned him a call up to the Scotland squad.
There are suggestions that Rangers and Celtic have their eyes on him and are interested in snapping him up.
Ferguson is delighted to see Souttar back playing again regularly after two injury-inflicted years and was happy to see him perform for Scotland on the big stage.
There are suggestions that Souttar could be available for as little as £500,000 and the former midfielder feels that at that price, Rangers and Celtic should take a gamble on signing him given his quality.
The former Scotland midfielder said on the Go Radio Football Show: “Great to see him back playing on a regular basis.
“Had a horrendous couple of years with the Achilles’ injury, ruptured it twice and that’s a serious injury.
“I thought he was excellent and came up with the header.
“He is a player who has real potential to go on to do bigger and better things and if he becomes available for £500,000, I think it’s a chance Rangers and Celtic should be taking.”
Souttar has been at Hearts since 2016 and his contract will expire at the end of the current season.