Ferguson is set to be unveiled later on Friday as the ambitious League Two club's latest signing.
The former Scotland international asked to leave Blackpool earlier this month after finding his first-team chances limited at Bloomfield Road.
The 34-year-old is keen to be playing regular football at this stage of his career and it is thought he has taken a drop in wages to make the move to Fleetwood.
Ferguson was also a target for former club Birmingham but Fleetwood boss Micky Mellon has managed to persuade him to move to Highbury.
The former Rangers captain is expected to sign a three-month deal with Fleetwood with a view to a possible permanent contract.