The veteran midfielder, 34, who had spells at Dunfermline, Aberdeen, and Preston before joining the Cod Army this summer, began his playing career with Ferguson at Ibrox over 12 years ago.
The rekindling of the relationship bore fruit on Saturday with Ferguson providing the assist for Nicholson's second goal of the season, and he said he is delighted to have the former Scottish international back on his side.
Nicholson told the Blackpool Gazette: "I know what Barry Ferguson is like. I was in the same youth team as him at Rangers.
"I know his qualities, and he's been fantastic for us. He's a big character in the dressing room and everybody is learning from him.
"It's great to have him at the football club."