Ferguson's current loan deal expires on Saturday following Millwall's away match with Chesterfield at the Proact Stadium.
Sky sources understand Millwall are interested in signing Ferguson on a permanent deal, but are keen to secure the 24-year-old on-loan until the end of the season at the very least.
He has made 27 appearances for Millwall, with his only two goals for the club coming in the 4-1 victory over Colchester United in November.
Ferguson joined Newcastle's youth academy in 2007, but has made just 32 first-team appearances for the club. His contract at St James' Park expires in the summer.
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