The Socceroos are currently without a manager after German coach Holger Osieck was sacked on Saturday following back-to-back 6-0 defeats against Brazil and France.
And Bosnich - who played under Ferguson during two spells at United - believes Football Federation Australia should pull out all the stops to convince the 71-year-old to take charge of the side.
"We've been throwing around a lot of names but there's one person that I haven't heard mentioned - even though I've got more reason than anyone not to suggest him," Bosnich, who endured a fractious relationship with Ferguson during his second spell at Old Trafford, told Triple M radio station.
"I'm just being honest and have had experience under him, so know what he's like - it is Sir Alex Ferguson.
"That name hasn't been put about, but we need someone of that ilk.
"He (Ferguson) would command a top whack, but in life, and especially in sport, you get what you pay for. If you want the very best, you're going to have to pay for the best."
Ferguson retired from football management at the end of last season after spending 26 years in charge of United.
He managed his native Scotland at the 1986 World Cup following Jock Stein's sudden death, but failed to progress from the group stages.