Clark is keen to bring Ferguson back to St Andrews next season.
He told the Birmingham Mail: "Shane is very highly rated by Newcastle and has just signed a long-term contract there. But it is definitely something to talk about between the two clubs.
"From my point of view, Shane is a Premier League quality player. He has done very well already in the short space of time he has been here and I think he's enjoyed himself, going out and getting regular competitive football.
"If it is doable, then of course I'd love to have him back, for the season if possible.
"There is no chance of anything permanent, they hold him in such high regard."