The former striker started his coaching career at Everton where he was the assistant manager for their Under-18 side.
He served on the coaching staff of Carlo Ancelotti, Rafael Benitez and Frank Lampard at Goodison Park and had two spells as caretaker manager as well.
Ferguson got his managerial break at Forest Green Rovers in January this year but he left the club at the end of last season.
The 51-year-old is back in the business and has joined Scottish Championship side Inverness as their new manager.
Inverness sacked head coach Billy Dodds and his assistant Barry Wilson earlier this month after a string of defeats.
Ferguson has signed a three-year contract with Inverness who are sitting at the bottom of the Scottish Championship table.
Inverness have claimed that they interviewed several candidates before settling on appointing the former Scotland striker.