Reports claim Fernandes will be given a five-year deal upping his salary to £240,000 per week.
The 27-year-old only joined the club from Sporting Lisbon in January 2020, and still has three years left on his current deal.
The Portugal international began his career at Old Trafford in inspired form, racking up 12 goals and eight assists in half a season of action before managing 28 goals and 18 assists in his first full campaign.
This season has seen a drop off in production from the midfielder though, but Ferdinand still thinks he should be at the front of the queue when it comes to new deals.
The legendary defender told talkSPORT: "I think if you look over the time that he's been at the football club, who's been more productive in terms of goal involvements and influence on the team?
"Apart from David de Gea maybe, no one has been as consistent as him over that period of time he's been at the club.
"This season he's probably dropped off a little bit but I think before this season he's been fantastic.
"His body of work at the club in terms of influence, getting goals or assists at vital times, I think if he's up for a new deal then I think he's one of the people that you'd say would be one of the first names on the list to get that."
talkSPORT host Jordan contested Ferdinand's claims, saying being the best at United is a 'low bar' before explaining further.
He queried: "Who gives a player a 50 per cent pay rise on the back of a pathetic season?"
"He's got three years left on his contract, I mean what does this tell you about Manchester United?"
The former Crystal Palace owner had previously stated his disappointment with Fernandes, calling him 'underwhelming'.
"I am underwhelmed by him," Jordan said. "I thought there was a period of time where he was very talismanic for Manchester United.
"But it was a false dawn for the club and the manager, and subsequently what he has been able to achieve moving forward?
"He has been a show pony for periods of this season, been okay, but most of the time, I can't get the image of him out of my head of against Watford, the appalling performance on the pitch, and the nonsense, histrionics and the rubbish behind Ole Gunnar Solskjaer's back.
"He is not a leader on the pitch, doesn't work hard enough, doesn't do enough off the ball, doesn't track back.
"He is a luxury player and, for a United side that needs more substance, I think he embodies certain aspects as to why they are not good enough as a team."