Last week the 42-year-old, who scored 72 goals in 273 games for the Toffees before his retirement in 2006, was promoted from his coaching role with the club's under-18s to the first-team set-up.
He is due to take his place in the dug-out alongside manager Roberto Martinez for Saturday's visit of West Ham and the Scot is relishing the prospect.
"It will be an emotional time for me, I'm very proud," the Scot, who began his new role on Monday having initially rejoined the club in a coaching capacity in 2011, told evertontv.
"It's been fantastic. I've been coming up (to the first team) once or twice a week since the manager came in and he told he he'd like me to come up full-time and I'm delighted.
"I think the idea was to integrate me into the squad and it is a fantastic opportunity for myself.
"It is a great challenge. You are with the best of the best, this is the elite, the best players in the world and you have to make sure you do your job properly."
Ferguson's reputation as an uncompromising centre-forward during his playing days means he will not be allowing anyone to rest on their laurels.
"We can push really hard for a European spot and the manager is emphasising that," he added.
"We can get some good rewards this year and we are still in the (FA) cup as well."