Ferguson, who impressed as a substitute at Stoke City, has come in as a direct replacement for Jose Enrique.
In the absence of Leon Best, who could miss the rest of the season with ankle trouble, manager Alan Pardew has given Peter Lovenkrands the chance alongside Shola Ameobi.
And Pardew has given Danny Guthrie a recall to the midfield with Cheik Tiote suspended for the first of a two match ban.
Newcastle (4-4-2): Harper; Simpson, Williamson, Coloccini, Ferguson; Barton, Guthrie, Nolan, Gutierrez; Ameobi, Lovenkrands. Subs: Campbell, Perch, Krul (gk), Taylor, Ranger, Tavernier, Kuqi.
Wolves (4-5-1): Hennessey; Foley, BBerra, Stearman, Elokobi; Jarvis, Henry, O'Hara, Hammill, Milijas; Ebanks-Blake. Subs: Hahnemann (gk), Craddock, Kightly, Fletcher, Ward, Jones, Mancienne.