Ex-United goalkeeper Mark Bosnich has urged football chiefs in his native Australia to break the bank and hire the Scot, who stepped down in May having won 38 trophies in 26 seasons.
The Socceroos have already qualified for the 2014 finals but sacked their German coach Holger Osieck on Saturday following successive 6-0 drubbings by Brazil and France.
“He or somebody of that ilk needs to come down and put a few people in their place,” said Bosnich.
“He will command a top whack but if you want someone to come in and sort out the whole thing, you’re going to have to pay for it.”
Ferguson, now 71, took charge of Scotland at the 1986 World Cup in Mexico, having stepped in when Jock Stein died suddenly during the qualifying campaign.