Ferguson spent last season on loan at Rangers from Newcastle.
The 23-year-old was not included in the Magpies' Premier League squad for the 2014/15 campaign under Alan Pardew, before being shipped out on loan to Scottish Championship side Rangers for the second half of the campaign.
The left-sided player, who can perform all the way from defence to attack, made just two appearances for the Gers after signing on a short-term deal, having moved to Ibrox injured and short of fitness.
He has 32 first-team appearances to his name, as well as 34 games at Championship level during a loan spell with Birmingham City, and is still highly thought of in his homeland of Northern Ireland.
The wide-man has 18 senior caps to his name, and was still turning out for his nation despite his lack of appearances at club level last term.
Many suspected that Ferguson would be out of the door at St James’ Park this summer, but the latest report claims that Steve McClaren wants to keep ahold of him.
He has been training with the first-team, and is set to travel with the Magpies for their pre-season tour of the USA next week.
The report states that Cambridge United made an approach to sign Ferguson on loan earlier this summer, but saw it rejected by Newcastle chiefs due to the new status he has in the Magpies’ set-up.
It is not stated if Ferguson is to be offered a new contract to tie his future down on Tyneside, but if he starts to impress under McClaren, it is likely that a deal will be offered to extend his contract past the summer of 2016.