The striker was recovering from an ankle injury at the beginning of the season and has since seen his minutes limited.
Ferguson has made just one start for Brighton in the Premier League under new boss Fabian Hurzeler and has a single goal to his name.
Danny Welbeck and Joao Pedro have been the preferred options up front for the Seagulls alongside summer signing Georginio Rutter.
Ferguson will now be able to leave the club on loan when the transfer market reopens in January.
It will give the 20-year-old a chance to gain more minutes during the final months of the current campaign.
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Ferguson signed for the Premier League outfit in 2021 from Irish side Bohemians, where he progressed through the youth tanks.
He made his senior Brighton debut in August 2021 at the age of 16 by coming on as a substitute in a 2-0 Carabao Cup win at Cardiff City.
The forward's most successful season for the Seagulls to date was in 2022/23 when he scored ten goals in 27 outings in all competitions.
Ferguson netted a further six in the previous campaign but missed the last two months with his ankle injury.
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Brighton's Premier League rivals Chelsea showed interest in signing the young Irishman earlier in the year.
talkSPORT reported in January that he was on their list of summer striker targets following his strong start to the 2023/24 season.
However, Brighton believed he is worth more than the £115million that Chelsea spent on his former teammate Moises Caicedo.
Ferguson was also understood to be in no rush to leave his current club, with Manchester United and Tottenham previously keen too.
Brighton could temporarily part ways with him in the coming weeks though amid his lack of involvement this season.
A transfer battle among multiple clubs would come as no surprise given his quality and total of 17 goals for the Seagulls.