The Foxes missed out on Champions League football with a loss to Spurs on closing day, but managed to lift the FA Cup by beating Chelsea.
And Ferguson thinks clubs like Leicester contribute to the Premier League's appeal.
Asked by GQ whether his European Cup Winners' Cup win with Leicester in 1983 is something that could be repeated, Ferguson replied: "I don't think you can take the dream away. It can be done.
"I'm not saying it'll be done regularly. But in Scotland, I think it's more difficult.
"But then you take Leicester City. Four years ago, five years ago? When it got to November that year, I thought they would win it.
"Because I think what happened then was they were six points clear, I think, in November. But you know this feeling at the top of the week: if all the big teams are the below you at the start, they want to beat each other.
"They sort of forgot about Leicester City for a bit. And by the time it got to April, alarm bells were ringing."
Ferguson added: "They were fantastic. You know, I enjoy watching Leicester, actually, because they play good football and they have a good recruitment operation. And they won the Cup (this season).
"So it can be done. It can be done. There's no question. We never should destroy people's dreams.
"It's about a small club that can have its day in the sun, you know?"
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