Ferguson, 19, has scored 16 times and registered five assists in 65 appearances for his current side, and he is regarded as one of the best young attackers in the Premier League.
The Republic of Ireland international has not featured for the Seagulls since March due to an ankle problem, but he was back on the bench for his side's EFL Cup second-round clash with Crawley Town on Tuesday night.
Manchester United are believed to have a long-standing interest in Ferguson, who has 12 Premier League goals to his name since arriving from Bohemians in 2021.
However, according to FootballTransfers, Arsenal and Man City are considering making an attempt to sign him before the summer transfer market closes for business.
Man City, Arsenal 'considering Ferguson move'
Brentford have recently been linked with Ferguson as a potential replacement for Ivan Toney, who is widely expected to leave the Bees in the closing stages of the summer transfer market.
However, it is being reported that both Arsenal and Man City are keeping a close eye on the situation with a view to making a move before the window closes for business.
Brighton are thought to want in the region of £70m for Ferguson, but the two English giants would prefer a loan deal for this season, with a permanent transfer then being agreed next year.
The Seagulls are in a strong position when it comes to the striker's future, as he signed a contract extension last November to take him to the summer of 2029.
Is a late deal for Ferguson realistic?
It would be a shock if Brighton agreed to let Ferguson leave on loan, and it is unlikely that either Arsenal or Man City will come up with a £70m offer late in the transfer window.
Brighton manager Fabian Hurzeler recently said that his club must "be very careful" with Ferguson due to the forward's recent time on the sidelines.
"Evan came back after a long injury, so we have to be very careful. He has started training with the team and you can already see why he's here, because he has great abilities and great skills for a striker," he told reporters.
Ferguson scored 10 times in all competitions during the 2022-23 campaign, and although he found it difficult to kick on last season, there is no question that he has the potential to be a top striker in European football.
However, at this stage of his career, he needs a run of matches, especially off the back of his fitness issues, and therefore a switch to one of the biggest clubs in English football can wait.