Ferdinand's own career was transformed by his move to Tyneside, scoring 43 goals in 69 games under Keegan after arriving from QPR. The former striker, 59, believes a permanent tribute at the ground is the least the club could do to honour a man who reshaped both the team and the region.
"I really do hope they name one of the St James' Park stands after Kevin because that would be a fitting tribute," Ferdinand told The Sun. "What Kevin Keegan did for Newcastle United and the North East region as a whole will never be repeated. We will sit here and mourn him but, knowing Kevin, I know that instead he would want everyone to celebrate his life."
Ferdinand was left struck by Keegan's character after watching him enjoy a glittering playing career at clubs including Liverpool and Hamburg before working under him directly.
"He's the first superstar footballer I know. I remember watching him on the TV but when you met him, he was so humble, he was so charismatic. And he had a nice habit of just making you feel like a million dollars every time you were around him."
The former striker said Keegan's influence stretched well beyond Tyneside.
"I know how much he means to the North East and to Newcastle but, further afield, we should be paying him homage for what he's done for football in general. My time with him was as a player at Newcastle so I know full well just how much he did for the region."
Ferdinand's tribute is one of many pouring in from across the game following news of Keegan's passing, with fellow Newcastle icon Alan Shearer among those to release emotional statements in the hours since it broke.
Keegan took charge at St James' Park in February 1992 with the club fighting relegation to the third tier, and within four years had transformed Newcastle into one of the most exciting sides in the country, a team that came agonisingly close to winning the Premier League title in 1995-96 before finishing runners-up to Manchester United.
Ferdinand's £6m arrival from QPR that summer, alongside signings such as David Ginola and Warren Barton, became emblematic of the ambition Keegan brought to the club during that period, with St James' Park regularly packed to capacity as the "Entertainers" won admirers well beyond Tyneside.
Newcastle have not yet responded publicly to Ferdinand's call for a stand to be renamed in Keegan's honour, though the sentiment behind it reflects the depth of feeling around a figure widely regarded as one of the most transformative managers in the club's history, both on the pitch and in reviving the fortunes of the wider region during his time in charge.