Glasgow sources say Ferguson has played his last game for the club - and potentially his last in Scotland - after his suspension by Gers management.
The former Blackburn Rovers midfielder is now considering his options and a move to Down Under is being mooted.
Craig Moore's Queensland Roar are favourites for Ferguson. The pair are close friends and Ferguson's former Gers teammate Charlie Miller is also a Roar player.
North Queensland Fury are also sure to be keen, if Ian Ferguson can fit his namesake under the salary cap, given Robbie Fowler's marquee status.
Also in the frame will be Perth Glory, where former Gers striker Dave Mitchell is keen to land a marquee signing.
Glory owner Tony Sage confirmed today they're in the market for a 'big star'.
"If we get a really big star, he'll be the marquee rather than the Socceroo," he said.
"We're the only club that's got six players left to sign. Every other club has almost finished their signings."