Schweinsteiger joined the MLS side earlier this week on a one-year deal, ending a two-year spell with Manchester United.
Although the former Germany international played very sparingly this season under Jose Mourinho, the former Red Devils boss believes the 32-year-old has what it takes to experience further success in his career.
"I think there's plenty left," Ferguson told ESPNFC. "Unfortunately, he had an injury last season and he was out for a while and when he came back we had a new manager and the new manager, Jose [Mourinho], had his own ideas.
"His move will come at the right time for him. He's a huge figure. He's very popular with the United players and fans, and he'll make an impact."
Schweinsteiger appeared in just four matches in all competitions this season, failing to make any Premier League appearances. His most recent outing came in a Europa League match against Saint-Etienne on February 22.