The Seasiders have lost their last four matches in the Championship and the latest reverse, a 2-0 defeat at bottom club Barnsley, left Ince's Blackpool 14th in the table.
They were also knocked out of the FA Cup by Bolton at the start of the year, with the last victory coming in the 2-0 league win over Sheffield Wednesday on November 30 at Bloomfield Road.
Ince's assistants Alex Rae and Steve Thompson were also relieved of their duties after chairman Karl Oyston informed the manager he would like make changes to personnel.
Ince failed to see out a year in charge, after taking over from caretaker Thompson on February 18, 2013.
Ferguson is likely to be in charge for Blackpool's next fixture, the Championship visit of Doncaster Rovers on Saturday.