The £150,000 signing from Cambridge scored in the 5-4 win over Bristol Rovers when Aaron Mclean dislocated his elbow but has since fallen behind Shaun Batt in the race to partner Craig Mackail-Smith.
And with Mclean set to return to the starting line-up on Saturday, Ferguson has decided to allow Rendell to move to Kenilworth Road in a move which will be completed on Friday.
He said: "Mick Harford watched our reserve team game on Wednesday and wanted Scott.
"He's a striker himself so I am sure he will develop Scott's game.
"I just felt that Scott needs games as we have Aaron, Craig, Shaun and George Boyd who can play there and he wouldn't get in ahead of those players at the minute."
