Discussions with Newcastle United and West Ham United have been opened regarding further season-long deals for Ferguson and Morrison.
Blues boss Lee Clark will, however, be exploring all avenues as he looks to piece together a competitive squad for 2013/14.
He is reluctant to block the path of academy graduates, but also appreciates the need to get experienced bodies on board for what will be another testing Championship campaign.
Clark told the Birmingham Mail when quizzed on his plans for the summer: "How many more players? It's a tough one because as you know and as I've shown in the past, I like to promote from within as well.
"The scholars came in on Wednesday and I've sat down with them to throw down the gauntlet - why not you take the positions or have a go at taking the roles?
"There's that possibility, but there's also a possibility in regards Shane Ferguson and Ravel Morrison.
"We're still in dialogue with Newcastle United and West Ham United. I would really like to get them, but we've got to see."
Clark added: "There are possibilities on both sides for promotion from within, down to the young players.
"I believe they're in an unbelievable position because they've seen I'm not frightened to do it, they've seen the position of the club and the position where you can get games, and lots of games.
"But ultimately it's up to them. I'm not just going to give them an opportunity to be in the team and producing the goods as it's about the whole package for me. It's about how they behave on and off the field."