The 34-year-old wants to leave Bloomfield Road for first-team football and after a mooted move to Birmingham fell through, he is set for talks over a surprise short-term switch to Fleetwood.
Following talks between Blackpool boss Ian Holloway and chairman Karl Oyston, Ferguson has been told he will be granted a move.
Holloway told The Blackpool Gazette: "We are hopeful he will go on a short-term loan to our local neighbours. My chairman dealt with it in a really good way.
"And we've come to a really good solution. It was the chairman's idea the resolution, and it looks like it will be a good resolution for everyone.
"He'll go on a short term loan and Karl has said he can have a free, that's a big statement for a player he spent £750,000 on."
Fleetwood boss Micky Mellon added: "There is still a lot needed to be done before it happens, but I have spoken to Ian Holloway - now I need to speak to Barry Ferguson to see how he feels (about coming to Fletwood on loan).
"Obviously, when a player of that calibre may be available, you have to be interested."