Ferguson was one of the five Newcastle loan signings but the Light Blue legions will need to wait to see the crocked star in action.
Ferguson has been a flop on Tyneside ... without mistake ... but playing part-timers Alloa, Dumbarton and Cowdenbeath could be his level.
Ferguson has been capped 18 times for his country and was part of the Northern Ireland squad who faced Uruguay and Chile in World Cup warm-up games last summer.
O’Neill: “We played Shane at left wing-back in South America and he was playing against world-class players in Uruguay and Chile and didn’t look out of place in that company.
“He has played against some really good players at international level.
“While he doesn’t have a lot of experience at club level he has experience at international level that will make him capable of dealing with anything that might be throw at him at Rangers.
“He has had a difficult time over the last 12 months.
“The loan at Birmingham didn’t work out quite as well as he would have liked and he had a lot of problems.
“But I like to judge Shane on how he has played for me, he has been outstanding.
“He phoned me and asked me what I thought about the Rangers thing and I told him I thought it was a good opportunity for him.
“One of the great things about him is the versatility he gives you.
“He has potential to add goals to his game and he’ll be a great signing for them.”