Everton are on the hunt for a new man in the dugout after parting company with Rafael Benitez earlier this week.
Allardyce spent part of the 2017/2018 season in charge of the Toffees, guiding them from 13th position to eighth following his appointment in November.
The former England manager would be content with another short spell in charge of Everton but feels it is time for club legend and first team coach Ferguson to be given a shot at the big time.
“If they needed me to help them out, or felt they needed me, yes I would.
"I wouldn’t say that would be a long-term effect as I don’t think that would be right for Everton and for me.
“The first time round, I felt I’d done all I could do to secure the job on a long-term basis and I put the plans in place at the time.
“Unfortunately they didn’t want to go down that route.
"I put the club in a position of strength, I thought at the time, by finishing eighth from the position we were in was pretty good managing that squad of players at the time."
Allardyce added: "Now, it’s Duncan’s time and I think he’s ready.
"If I can help Duncan in any way, shape or form I will. He’s a fantastic guy. He’s Everton through and through and maybe that’s what they need at the moment.”
