Ferdinand, who works as a director of football for Queens Park Rangers, has been impressed with the business that Newcastle have done.
However, the former Magpies striker has warned Rafael Benitez’s men that they will be the side that every Championship team wants to beat this season.
“What they’ve done is they have spent £40 million already,” Ferdinand said. “They’ve added to a squad of good players already. You feel they will be strong and they will be the favourites to go back up. But they are the team that everybody wants to beat.”
Newcastle are currently the heavy favourites to win the Championship this season, even though many of their promotion rivals have started to spend.
Aston Villa have just signed Ross McCormack, while Norwich City have spent big to bring in Alex Pritchard.
Newcastle, though, have made seven new additions this summer and Benitez has a squad that is the envy of every other club in the second tier.
Newcastle’s first chance to impress will come on Friday when they take on Fulham at Craven Cottage, in the curtain raiser for the new Football League campaign.