Saturday’s abject defeat to Sheffield United left Rovers in 17th place, six points clear of the relegation zone.
Rovers are now without a win in six games and have lost their last three, all at home. Their next two games are against play-off chasing Barnsley and Millwall.
Ferguson told The Star: “We won’t get relegated. In my honest opinion I don’t think we will get relegated.
“Could we? Yes we can. I don’t think we will but we certainly can when we’re only six points off the bottom four.
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“Maybe the players do need a bit of a wake-up call. You [the media] should go and tell them.
“We’re not too good to go down, don’t get me wrong. But I wouldn’t like to think we’re going to be falling to that level.
“I would like to think with players coming back to fitness, certainly the ones that have played well, and Conor Grant’s a big player for us, [Nathan] Tyson’s had a game now, that we’ve got enough to win enough games to stay in the league.
“That would be my opinion if you ask me now. But you know what? It [the possibility of relegation] might be worth mentioning to them.”
Ferguson admitted the 1-0 defeat to the Blades was the worst performance of his reign and said it was the worst derby match he had ever seen.
“I have to work out very quickly why the performance was the way it was,” he said.
“Going into the game, I fully expected us to do the right things to try and win it. In the end we’ve lost it and it was a bit of a nothing game really. It went the complete opposite to the way I wanted it to go.”