Rangers have won the Scottish Championship this campaign and will play in the Scottish Premiership next season.
The Gers are likely to sign a few players in the summer transfer window in order to make themselves competitive for the 2016-17 campaign.
Ferguson, who played for the Gers in the 1990s and noughties and is a club legend, believes that there should be a slight increase in the wage bill of Rangers.
“Rangers need to give the manager enough to make sure he is able to challenge Celtic, Dons and Hearts,” the former Scotland international midfielder wrote in The Daily Record. “How much is that? How long is a piece of string.
“I’m not shopping at the same end of the market. I’m trying to sign players for two packets of crisps and a balloon. Warburton will be looking for a bit more out of Dave King.
“For starters, his budget for players will have to be increased. If Rangers are spending around £6m on wages just now I think an increase of around one or two million for the Premiership is okay.”
Rangers need to make the right signings and at the right price in the summer transfer window.
While it can be easy to get carried away with the the euphoria of returning to the Scottish top flight, the club’s chiefs needs to make sure that they do not go overboard with their spending.
Celtic will be favourites to win the Scottish Premiership next season, and the Gers need to accept that.
What Rangers need to do is make themselves competitive and try to finish at least second in the league table next season.