The 28-year-old has been out of action for more than 12 months due to knee problems.
“Owen is doing very well,” said Ferguson.
“Obviously he is delighted to be back because it has been such a long time and I am very pleased with his progress.
“We will probably get him into football training in 10 days’ time and depending on how well he does he should be back at the beginning of November.
“We will take our time because the important thing is to get him playing to the right level. We are in dialogue with him all the time and the physio who was doing his rehabilitation over in America.
“It means we can jointly understand all the treatments and rehabilitation he has been doing.”