The United defender was left out of the squad for the Euro 2012 finals by coach Roy Hodgson, who selected Terry despite allegations that he had racially abused Ferdinand's brother Anton in a league match against Queens Park Rangers.
Terry was cleared of the charges in court in July but said the Football Association, who banned him for four matches on Thursday in relation to the incident, ended his England career on Sunday, saying his position was "untenable".
Speculation that Terry's retirement would pave the way for Ferdinand's recall was knocked back by Ferguson at his weekly news conference on Friday.
"It's entirely up to Rio," Ferguson said. "I wouldn't think he'll get called up. I think Roy made his decision for the Euros and I can't see him changing that.
"It would be difficult for him to go to Rio now and welcome him back. If that happens, it's entirely up to Rio in terms of what he wants to do.
"I don't know if Rio would do it - I haven't asked him. It's just speculation from the press at the moment after Terry's decision to retire from international football."
When announcing his 23-man Euro 2012 squad in June, Hodgson said former England captain Ferdinand's omission had been a "footballing decision".
Ferdinand, capped 81 times by England, expressed his disappointment at the time and suffered a further snub when Gary Cahill suffered a broken jaw in a warm-up game and was replaced by Liverpool's inexperienced right back Martin Kelly.
