The two teams are separated by just four points at the top of the table.
Ronny Deila's men currently boast a four-point lead over the Dons heading into the final 10 games of the season, but with the Hoops failing to win either of their last two games, some have started to speculate as to whether the leaders may choke and practically hand the title to Derek McInnes' side.
But Ferguson, who was part of the Rangers team that almost threw away the title during the 2002-03 season only to seal the prize on goal difference with a 6-1 win over Dunfermline on the final day, believes that Celtic are in nowhere near as desperate a situation as the Gers were on that occasion, and thus, have to still be considered favourites.
"Celtic's current situation isn't as critical and even after their draw at home to Dundee, they still have four points on Aberdeen and I still don't think they will blow it," he told the Record.
"I'm not a betting man but I believe they will win it but that isn't me saying Derek McInnes and his Dons side aren't good enough to lift the championship because they are more than capable.
"Wednesday night was a massive one for the title race, it was the day Aberdeen proved they are in this race to stay by beating Dundee United side at Tannadice despite not having their two best players."
As Ferguson alluded to, there was a significant switch in momentum on Wednesday as Celtic could only draw with Dundee while Aberdeen were able to defeat Dundee United.
Nevertheless, the four-point advantage, as well as the greater experience of winning trophies, means that Deila's men surely have to be favourites.
But the Hoops boss will be reminding his players that their advantage could soon be evaporated if they do not start getting back to winning ways.