Former Glentoran captain Paul Leeman, who played 597 games for the club, is excited at the prospect of Ferguson in the Oval dugout.
"I still can't believe it - it's a huge appointment and I'm interested to see his plans for Glentoran," Leeman told BBC Radio Ulster.
"It is a risk and he's been known more as a number two. But he has bags of experience in football. He's worked at the top, top level and there's certainly something he can add to the team.
"He doesn't know the league so I think he has to have people around him who do.
"He's coming to the Irish League to probably try to resurrect his own managerial career. He will demand respect from the players straight away and it's certainly going to be interesting."
The Glens had been linked with a move to appoint former Northern Ireland international Jim Magilton, but the ex-Ipswich Town and Queens Park Rangers opted to remain with their Irish Premiership rivals Cliftonville.
Devine left by mutual consent after two-and-a-half years at the helm.
The former Derry City and Bohemians boss guided the club to a County Antrim Shield success in the 2024-25 season, their first trophy triumph since lifting the Irish Cup in 2020.
Ferguson is now tasked with ending the long drought since the Glens' last league victory 17 years ago.
Glentoran sit fourth in the Irish Premiership standings, having won five and lost four of their first 11 league outings this season.
They face Limavady United at the Oval on Saturday afternoon.
