Ferguson was the odds-on favourite for the vacant manager's job at Boundary Park after a big shift in the betting market overnight.
The Rovers boss moved in from 16/1 to 1/3. According to reports in Oldham, more than three quarters of bets placed were done so on Ferguson.
But a club source has rubbished suggestions Ferguson will be moving across the Pennines, insisting there is no substance to the speculation.
Ferguson is continuing with his preparations for tonight's visit of Shrewsbury Town to the Keepmoat.
Oldham sacked former Rovers midfielder John Sheridan as manager on Monday with the Latics having picked up just four points from nine games so far this term.