The Edinburgh duo head to Hampden Park this weekend looking to get past either side of the Old Firm.
Hibs face Celtic in an early evening kick-off on Saturday before Hearts play Rangers the following day at 3pm.
The Capital duo sit ninth and 11th in the Ladbrokes Premiership table with pressure increasing on managers Paul Heckingbottom and Craig Levein following disappointing draws at the weekend.
Hibs welcome Livingston to Easter Road on Wednesday after blowing a two-goal lead to Ross County, while Hearts are again on their travels, this time to Perth to take on St Johnstone after failing to beat Livi on Saturday.
With the form the two teams are in, Ferguson, who is currently managing Lowland League big spenders Kelty Hearts, can't see past a Celtic and Rangers final.
"I don't think the Edinburgh teams have any chance of getting into the final," he told PLZ Soccer. "That's just the way I feel.
"I think Rangers and Celtic are far too strong for them.
"The midweek games will count. I know Livingston come to Easter Road so he (Heckingbottom) will need to win that game.
"And obviously Hearts go up to McDiarmid Park after their (St Johnstone's) first win so they'll be full of confidence.
"But I don't see any of the two Edinburgh teams going through into the final."