The Sun says Ferguson accused Ferdinand of embarrassing him after boycotting an anti- racism initiative.
The England defender will be fined two weeks' wages of £220,000 with his Manchester United future in doubt.
Fergie said: "He will be dealt with, no doubt about that. I'm disappointed with Rio for not wearing the T-shirt. It's an embarrassment for me."
Ferdinand was the only United player who refused to wear a Kick it Out warm-up top before yesterday's 4-2 win against Stoke.
His protest was in direct defiance of Ferguson who had said on the eve of the game there would be no boycott.