The Nigerian midfielder has arguably been the Scottish champions’ most impressive performer this season.
His goal in the 3 – 1 win over Livingston on Sunday was his fourth in the league so far.
Aribo has been linked with Crystal Palace, while there is an expectation that he is one of the players Steven Gerrard will target for Aston Villa.
Any interested party will have to fork over a significant sum to land him, according to Ferguson, with the player under contract until 2023.
"You're looking at over £10million," he told Go Radio's football show.
"You know you've got a chance of losing your best players. If they perform well up here, teams down in England are going to come in and pay big money.
"But, for me, you're looking at over £10million for Joe Aribo. "
The club hierarchy have admitted in the past that the club are open to selling their key assets but only at the right price.
Player trading will form a key part of the club generating income.
Yet, Ferugson believes the lure of the Champions League group stages and the revenue that brings will ensure the club will hold on to players in January.
"I don't think Rangers will sell in January," he said.
"Unless it's a crazy offer, well above their valuation, I don't think Rangers will sell a player in January.
"That £40million carrot is getting dangled. Keep your best players and go for it. I think that's what Rangers will do."