Rangers stole the bragging rights over their Old Firm rivals by beating Lennon's side 2-0 at Ibrox on Sunday.
Arfield, who scored the Gers' second of the afternoon, and Davis both produced fine midfield performances against Celtic.
They are similar midfielders to what Lennon was like during his illustrious playing career.
And Ferry, who began his career at Lennoxtown, says that the Hoops interim manager would've loved to sign the light Blues stars.
He told the Open Goal podcast: "Arfield and Davis are the two types of players that Lennon would sign for Celtic. They’re the sort of players you need in these games."
Both of the Steven Gerrard signings have had tricky spells since moving to Glasgow - especially Davis, who originally joined on loan in January - but the duo have proven their class overall this season.
Rangers signed up Davis on a permanent basis earlier this month, a reward for his stunning form in recent months and the future looks very bright at Ibrox.
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