Rovers produced a spirited second half comeback to draw 3-3 at Shrewsbury Town on Easter Monday but the result has only delayed the inevitable.
A gap of six points to safety and a far inferior goal difference means Rovers will be relegated to the fourth tier for the second time in six years.
Ferguson grabbed the bull by the horns and put some solid foundations in place as well as guiding the club to promotion back to League One at the first attempt.
McSheffrey can’t call upon the same experience but insists he is the right man to lead another big Rovers rebuild.
Under pressure from a section of fans, McSheffrey was asked by BBC Radio Sheffield’s Tom Biltcliffe at Shrewsbury if he had become a fall guy for wider issues at the club.
"Do you think I am?”, replied McSheffrey.
“I’m asking you because I want to see it from the outsider’s perspective as well.
"I’m answering the questions but if you’re asking that then maybe you’re thinking that as well.
“I’m here now and I know that this is a big rebuild.
“I’ve got to deal with it and I’ve got to deal with the questions every week.
“But deep down I feel I am the right man to get this club going again.
“It’s started. There’s a lot of stuff started behind the scenes.
“You only ever see what happens on a Saturday and I get that. If performances ain’t good enough then you accept that and take it on the chin – not good enough.
“However, there is a lot of rebuilding being done and restructuring, and I think certain areas were neglected and I’m addressing that and putting it right.”
He added: “I’ve got a 12-month rolling contract and the chairman and chief executive have faith in me and have said I’ll be the man to do it next year.
“The rebuild has started and we’ll have a big summer and there’ll be some big decisions to be made on players and who comes into the club.”
Rovers have appointed a new head of sports science in Sam Bowring since McSheffrey took charge.
Further backroom appointments will be made this summer, while Rovers are in the process of recruiting a head of football operations.
“We need the right type of personnel and the right type of staff in the right places,” said McSheffrey.
“I think everyone can probably agree that our fitness levels have looked a lot better. We compete and we last 90 minutes in games.
“When I first came in the fitness levels were way, way, way off it.
“I think I’m being very professional and know how to build a good backroom staff. I know what’s needed. For me it was three or four short in key departments.
“Whose decision that was I’m not too sure but the right people weren’t at the football club.”
McSheffrey has won six of his 25 league games in charge.