The 31-year-old, who was at one stage nailed on to stay with Brad Arthur's side past 2022, will reportedly ply his trade in the 15-man game overseas.
Despite being linked with a move to Western Force, Ferguson is set to join up with Aussie coach Michael Cheika at Japanese side, the NEC Green Rockets.
Speaking on Triple M, Ferguson is adamant that he has nothing more to give in the NRL and has his heart set on a new challenge.
“I’m at that point in my career where I’m looking for opportunity,” Ferguson said on Monday.
“I haven’t made a decision. Rugby is something I do want to try. I played it as a school kid.
“I feel like I’ve achieved everything I have and don’t have to achieve too much more in the NRL so I feel like it’d be good to switch codes and try create a legacy in that arena.”
The winger's 12-year league career has spanned four clubs, debuting at Cronulla way back in 2009 before moving between the Raiders, Roosters and finally to Parramatta over the course of his NRL life.
In 2021 Ferguson's presence within the Eels squad has declined after being dropped for nine of the available 26 games. He has been recalled recently thanks to the season-ending injury to Fijian Maika Sivo, scoring a double in Sunday's elimination final over the Newcastle Knights.
His magnum opus came in Round 23 against ladder leaders Melbourne with a vintage display guiding his side to a historic 22-10 upset victory to deny Craig Bellamy's side a record-breaking 20 wins in-a-row.
Parramatta will face cross-town rivals Penrith this Saturday evening in a do-or-die semi-final in Mackay.
Brad Arthur's side will be hoping to get revenge on the Panthers after the Eels were given a toweling last time out, losing 40-6 in the last round of the year.