The ex-Ibrox captain has said the Colombian striker would win the award regardless of his on field-issues.
He said, (h/t Daily Record UK)
I know he has had his problems this season with his sending offs and his bookings.
“But for me, I think he will win it.”
Morelos, 22, has been in outstanding form this season, scoring a total of 25 goals with 4 assists across all games.
On the downside, the Colombian has mustered a total of 5 red cards, an unwanted record to his name.
Furthermore, the striker earned a place in the national squad for the friendlies against South Korea and Japan. He eventually got his place in the playing 11 and received plaudits from his team-mates.
Morelos is currently on suspension after his altercation with Celtic skipper Scott Brown in the Old Firm derby last month.
He will be returning to the first-team next month, before the next derby.
Ferguson also pointed out the reasons why McGregor and Forrest made it to his list.
“Callum McGregor is an outstanding midfielder. He can play the holding role, he can play number 10 or he can play on the left side. He can even fill in at left-back. So, for me, it’s between the two.
“James Forrest, who I rate very highly. He’s coming onto an outstanding bit of form just now. Great goal against Aberdeen.”
Forrest has been pivotal behind the Hoops’ brilliant run this campaign, scoring 14 goals and 9 assists across all competitions.
The Scots winger also earned a place in the last week’s SPFL team of the week after his sensational display against the Dons in the Scottish Cup semi-final.
The Light Blues finally broke their win drought with three consecutive victories in Premiership.
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They are currently second in the Premiership table, trailing the Bhoys by 9 points.