Cancelo received special praise for his performance in City's 2-0 Champions League victory over Borussia Monchengladbach.
Ferdinand said, "He's playing as a full-back but it's not the conventional full-back. He ends up coming into the centre of the pitch.
"His position once they get good possession is inside the pitch, almost as a pivot. When they have the ball it's three at the back with two boys in front of them and he's one of the boys.
"He's even into the No 10 position at times and he becomes like a playmaker - it's crazy to see. And this is all obviously Pep [Guardiola] and him seeing the game a different way."