Most recently the assistant manager at Lisburn Distillery, Ferguson will take over from Joe McCall who had been in a caretake role at the club following the departure of Roy Walker earlier this month.
Ferguson enjoyed a successful playing career in the Irish Football League. He turned out for Glenavon, Linfield and Ards during a 24 year career, before ending his playing days at Premiership side Lisburn Distillery.
More information is expected to follow on this as a press conference has been arranged to take place this afternoon.
