The Scot has overseen a disastrous start to the Championship season, as the Lancashire side sit at the bottom of the table, six points adrift of fourth-from-bottom Bristol City.
Their 3-1 defeat away at league leaders QPR was their third straight defeat, leaving them with just one win in nine and just four wins from their 18 games this season.
It leaves Preston fans wondering just how much time Ferguson has left to turn things round at Deepdale – as well as if he’s run out of ideas.
The 38 year-old made a hugely impressive start to his managerial career, as he guided Peterborough United to back-to-back automatic promotions in his first two full seasons in management.
However, he is still yet to prove himself at Championship level. He was sacked by Posh chairman Darragh MacAnthony after just two wins in their opening 16 games.
Two months later he was given another chance to prove himself as a manager in the second tier of English football. When taking over from Alan Irvine in January, Ferguson guided Preston to safety, although they finished 17th, a place lower from when he took over.
The former Wrexham midfielder then set about making changes that would turn the Lilywhites into promotion hopefuls, trying to utilise the loan market to full effect.
The likes of Neil Mellor, Darren Carter and Richard Chaplow were sent out on loan, while coming in on a temporary basis were Iain Hume, Michael Tonge and Danny Pugh, as well as Fergie Senior loaning him midfielder Matty James and defender Ritchie De Laet.
But things have only got worse for Fergie Junior. Preston have shipped 38 goals in their 18 games so far, averaging more than two goals a game, despite having the likes of Sean St Ledger and Callum Davidson available.
While talents such as Adam Barton and Keith Treacy have emerged under his guidance, the form of the team itself only seems to be deteriorating, and the fans are starting to lose their patience.
The average attendance this season at Deepdale has been just over 11,000 – less than half the stadium’s allocation. But you can’t blame the fans for staying away with what they are seeing.
Ferguson has had 45 games in charge, almost the equivalent of a season in the Championship, and has just 12 wins and nine draws to his name. With games at home to Millwall and away at Cardiff coming up, Preston have to make sure they aren’t cut adrift at the foot of the table.
While Ferguson has to find out if he has what it takes at this level – and soon.
So what do you think? Does Ferguson have what it takes to turn things around at Preston? Or is it time for a new manager at Deepdale?