The Northern Ireland international was disappointed to have been ruled out of his country's match against Portugal on Tuesday but the Magpies boss is optimistic that he could return to club action on October 21, with his hip injury hoped not to sideline him from the Tyne-Wear derby.
Pardew told the Newcastle Chronicle of Ferguson: "His development down that left is going to be a threat for us, whether he's at left-back or left midfield.
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The youngster was substituted in Newcastle's 3-0 defeat by Manchester United, having made three assists in three games, and Pardew explained that he made the decision to protect his charge.
"Fergie, I felt, played well against United," he continued. "We only took him off because he was tired."
Another one of Newcastle's academy products, Paul Dummet, has also been making a name for himself on loan in the Scottish Premier League with St Mirren.
Former Magpies coach Tommy Craig, now on the backroom staff at the Scottish side, added: "Dummy's making steady progress and we're delighted. This is a great experience for him."