The 43-year-old has emerged as the frontrunner to take over in the dugout at Parkhead on a permanent basis after Neil Lennon left the club earlier this season.
Despite repeated delays in unveiling Howe as the Hoops’ new boss, it is still widely expected that the ex-Cherries boss will take charge in Glasgow this summer, and the young manager has received the backing of one of the most successful managers of all-time in recent days.
Speaking to Gary Neville during a Q&A for Sport Bible, Ferguson said: "On young managers, Eddie Howe had a great period at Bournemouth, for a young manager.
"I think he did very well.
"Even though he's relegated it doesn't mean to say he's not a good manager, I think he is a good manager."
Howe did oversee Bournemouth’s relegation from the Premier League in 2019/20, shortly before leaving his post on the south coast, but was also responsible for a period of huge success at the Vitality Stadium.
During his tenure, the Cherries survived potential relegation from the English Football League and would go on to embark on a series of promotions that culminated in an extended run in the top flight.
The former defender has been out of work since leaving Bournemouth last year, and has also been linked with the Crystal Palace job following the announcement that Roy Hodgson will be stepping down from his role after Sunday’s clash with Liverpool.