Ferguson will re-acquaint himself with Newcastle manager Kevin Keegan at St James' Park on Saturday with his side five points adrift of leaders Arsenal.
The Gunners face Birmingham at 12.45pm, and a win would increase their advantage to eight points before Ferguson's side even kick-off.
The United boss revealed that he has taken a likening to the Tyneside venue in recent times, but a defeat there on Saturday could end his side's title ambitions.
"We're in a position where we can't afford any more slip-ups," said Ferguson.
"We have to motor on and get some consistency because it's not easy playing catch-up.
"We've done it in the past and we've failed in the past. At the moment Arsenal have the advantage - there's no doubt about that.
"They are five points clear but teams will drop points between now and the end of the season - there's no doubt about that, it's unavoidable."