The Lions looked to sign the Dons talisman this summer but the Daily Mail reports they have dropped out of the running.
A bid of £1.5million had been rejected and The Scotsman understands Millwall came back with improved offers eventually reaching the £2million mark but it didn’t meet Aberdeen’s valuation.
The Dons expect interest from around Europe, especially Italy.
Cagliari were keen to sign Ferguson in January but their offer was turned down. Keen on the midfielder who scored 16 goals in all competitions last season, the Italians sent a delegation to meet with the 22-year-old in March following a win over Hibs.
Bill McMurdo, the player's agent, said: "I organised the trip and Aberdeen looked after them very well. I then had a four-hour meeting with the two men in Edinburgh on Saturday night and they are very keen.
"They were very impressed with Lewis' performance against Hibs.
"They met him for a few minutes to say hello and they were very impressed with him as a person, as well."
Dons boss Jim Goodwin addressed the future of Lewis Ferguson last week. The player was given an extended break following his involvement with Scotland.
“I had a good chance with Lewis and said the same thing I said about Calvin Ramsey,” Goodwin said. “Everybody has a valuation – if it’s met, we’ll have that discussion with the player and his representatives.
“Until that time comes, I’ll be looking forward to having Lewis Ferguson as part of our squad.”