The former Germany captain completed a move away from Manchester United yesterday.
The 32-year-old signed a one-year contract with an option for a further year with MLS side Chicago Fire.
And former United boss Ferguson believes the midfielder still has plenty left to offer.
Sir Alex Ferguson believes Schweinsteiger still has plenty to offer following his Man Utd exit
"I think there's plenty left,” Ferguson told ESPN.
“Unfortunately, he had an injury last season and he was out for a while and when he came back we had a new manager and the new manager, Jose [Mourinho], had his own ideas.
"His move will come at the right time for him.
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“He's a huge figure. He's very popular with the United players and fans, and he'll make an impact."
Louis van Gaal brought Schweinsteiger to Manchester United in the summer of 2015 for £6.5million.
The former Germany captain made 31 starts for United during his first season at Old Trafford, but he struggled for game-time under Jose Mourinho this term.