Tomlin's future has been the subject of much speculation since Posh were relegated from the Championship last season.
Recent reports stated that the 24-year-old's fans' favourite, and according to Peterborough boss Ferguson a personal favourite of chairman Darragh MacAnthony, was about to follow Dwight Gayle out of London Road.
Striker Gayle left Posh this summer for Premier League newcomers Crystal Palace in a deal reported to be potentially worth in the region of £8.5million with add-ons.
Tomlin is expected to play a key role as Ferguson masterminds promotion from League One this season and an immediate return to the second tier.
Speaking after Posh's 4-2 win at Notts County on Saturday Ferguson insists the former Rushden & Diamonds man is not going anywhere.
"There's been speculation over Lee Tomlin, " said Ferguson. "Lee Tomlin is the chairman's favourite player, he ain't going nowhere unless someone wants to give us £12million. That's up to them but that's the sort of cost we'll be asking for.
"The chairman loves him, I love him as a player, he's maturing as a player and there's always going to be speculation. "That's one thing we've always had and we've dealt with it fine so I don't see anyone going anywhere."