A knee injury suffered in the build-up to the tournament left Ferdinand a frustrated observer as England could only draw their opening Group C game with the United States.
"We still have a great chance of winning the World Cup," Ferdinand told The Sun.
"No team can claim to be the outright favourites. There is no one who scares us. I'm sure we'll beat Algeria.
"I've played with these players for years and know how good they are.
"Everyone is into the tournament and we can maybe relax and play the way we know we can."