The 69-year-old will be made a doctor and will be presented with his doctorate by the university chancellor, broadcaster James Naughtie.
The visit will take Ferguson back to his footballing roots in central Scotland, where he played with Falkirk from 1969 to 1973.
Glasgow-born Ferguson also started his managerial career at nearby East Stirlingshire in 1974.
The university said the award will recognise Ferguson's "great distinction in the field of sport and the general public arena".
The ceremony is one of four graduation ceremonies taking place at the institution today and tomorrow.