Further doubts over the England midfielder's career were raised this summer when Ferguson sent him back to Dr Richard Steadman in Colorado after he experienced more discomfort during pre-season training.
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And, having seen the midfielder in action on the training ground at Carrington this week, Ferguson echoed those sentiments.
"Owen Hargreaves has come back training and has looked very good," Ferguson told MUTV.
"After being out for so long, we'll obviously have to monitor him and see how he's going to progress in the next few weeks. But it's good to see him back.
"Because he's been out for so long you have to see whether there's going to be a relapse.
"That's the first thing on our mind at the moment but having watched him in training yesterday if he continues that way he's going to give me another selection problem, no question about that."
Ferguson confirmed Michael Carrick is also on the road to recovery after having an injection in his Achilles.
"Michael started training last week," confirmed Ferguson.
"He had that injection on his Achilles to settle it down.
"It was nothing serious, just one of those niggling little problems you can get with your Achilles, particularly at the start of the season when grounds are firm. But he's fine, he's started training."