The 19-year-old scored five goals during his stay at London Road last season, when he was mainly used as an impact player from the bench.
Ferguson feels his squad still lacks an out-and-out winger and confessed that Mendez-Laing was still in his thoughts.
"If Mendez-Laing became available tomorrow I'd be interested," Ferguson told the Evening Telegraph. "But he's with Wolves at the moment and he's been involved in their friendly matches.
"Their manager Mick McCarthy quite likes him so he might not let him out on loan, but he is definitely still on my radar."