The 41-year-old goalkeeper’s contract expires at the end of the season and there is still no clarity over his future.
There is talk of the veteran retiring at the end of the ongoing campaign but McGregor has been insistent that he is taking one game at a time.
Ferguson believes McGregor still has enough juice left in him to continue between the sticks at Rangers for at least one more season as he has not seen much signs of him slowing down.
However, the Rangers legend indicated that clarity over his future is important and Beale must sit down with the veteran goalkeeper and get to know what he wants to do at the end of the season.
The former Rangers captain said on the Go Radio Football Show: “I think you have got a guy who can go on for another 12 months.
“Solid, reliable and top-class goalkeeper – that’s what Allan McGregor is and I don’t see any signs of him getting any slower.
“I have heard him saying he is taking one game at a time but if I am Michael Beale, I’d be sitting down with Allan McGregor now and trying to find out where his mind is in terms of what he is wanting to do.
“Ultimately, it would come down to Allan whether he wants to retire or play on but for me, I think he has still got another good season left in him.”
McGregor is no longer a certainty in the starting eleven but has still made 26 appearances in all competitions this season and starting the Scottish League Cup final on Sunday.
