Rangers finished second in their Europa League group and were placed in the playoff round along with the dropouts from the Champions League group stage for a place in the last 16.
The Scottish giants have been pitted against Dortmund in the playoff rounds and are massive underdogs going into the tie in February.
The Bundesliga giants are tipped to beat Rangers and Ferguson indicated that they are the biggest team the Gers could have drawn.
But he insisted that the Rangers players will relish the prospect of taking on one of the giants of European football and testing themselves on the big stage.
The Rangers legend is also looking forward to watching Erling Haaland and Jude Bellingham play in Scotland.
The former midfielder said on the Go Radio Football Show: “Borussia Dortmund are a fantastic team.
“But as a footballer, you want to come up against the best teams and the best players when you go that far and obviously they got out of the group stage.
“I think the Rangers players and supporters will be looking forward to this.
“They have got some tremendous players and the one that obviously sticks out is Haaland.
“We all know how good a centre-forward he is even at a young age and is one of the top strikers at this moment in time.
“And young Englishman, Jude Bellingham, who again is a fantastic talent.
“So, that’s one I am sure the Rangers players and supporters will be looking forward to.”
The first leg will take place on 17th February at Westfalenstadion before the second leg at Ibrox a week later.
