The Gunners trail 2-0 in the tie following after a Lionel Messi brace at the Emirates Stadium put the Catalan giants firmly in control and massive favourites to advance to the quarter-finals.
Ferdinand, pessimistic of Arsenal’s chances of recovery, says Wenger should rest key players and instead focus on their Premier League title bid which is also in trouble of petering out.
“I'd say that tie, you might as well wash your hands with it and just move on and try and sort out the league,” the former international said.
“I would [rest big players]. As players you always want to go and play at the Nou Camp, but I think Arsene Wenger has to be thinking about the league. They've got to go there and beat Barcelona 3-0, I don't see that happening at all."
Arsenal face Barcelona in the Nou Camp the following Wednesday, but first they have their FA Cup replay at Hull City before resuming Premier League action with the visit of West Bromwich Albion on Saturday.
The Gunners currently trail league leaders Leicester City by eight points with only nine games remaining, suggesting that Wenger’s side must win at least eight games to stand any chance.
Their recent run of form since the turn of the New Year simply hasn’t been good enough, with only three league wins in their last ten matches prompting calls for a change in management.
Spanish giants Barcelona are in the midst of a club record 35-game unbeaten run in all competitions.