The Scotsman received a warm welcome from the Goodison Park faithful before the Merseyside derby on Saturday, with the home fans singing his name as he walked round the pitch.
Ferguson scored 68 goals for the Toffees in 260 appearances for the Merseyside club and retired from his career there in 2006.
He then returned to become a first team coach at Goodison Park in 2014, with him having two spells as interim manager - cementing his legendary status at the club.
The former centre-forward finally ended his time at the club back in July and is now being linked with the vacant Dundee United job.
Speaking to The Times about his departure, the 50-year-old said: "It was incredibly difficult for me to leave Everton, a club that I love, but I had made up my mind more or less six months before that my time was up and that I had come as far as I possibly could.
"I had to do the honourable thing. I think when you get interviewed for a job and don't get it, it becomes a bit difficult."
Ferguson left the club with hopes of becoming number one elsewhere after his spell as interim manager following the exit of Rafael Benítez earlier this year didn't turn into a permanent position.
The Scot had also been caretaker manager back in 2019 after the departure of Marco Silva, with him beating Chelsea 3-1 and lifting the Toffees out of the relegation zone before returning to be assistant.
Now, Ferguson has explained that current Everton manager Lampard, who got the job over him, had wanted him to continue his position.
"Frank didn't want me to leave," he said.
"I spoke to him two or three times, said what my plans were and I felt he genuinely wanted me to still be at the club.
"I think he will do well. Frank is a great coach, a great communicator and the players like him. You have to get respect as a coach and he has that.
"He has invited me back to the training ground in the future and I have spoken to him a few times since I left."
Everton are currently sitting 14th in the Premier League after six games and are yet to secure their first win of the campaign.