The Scot enjoyed major success in his first two full seasons as Peterborough boss, leading them to back-to-back promotions to the Championship but left by mutual consent in November 2009 with them propping up the table.
He took over North End following the departure of Alan Irvine, who was sacked exactly one year ago, with the Lilywhites 16th and they finished the season one position lower.
The sacking comes less than two hours after Brian Laws was shown the door by Lancashire neighbours Burnley.
Watch highlights of Ferguson's last game in charge
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