Ferguson's proposed move would see the Republic of Ireland forward return to Serie A after a difficult loan spell at Roma last season, in which he managed just 14 appearances.
Genoa head coach Daniele De Rossi has identified the 21-year-old as a target to add firepower to his attack, with Brighton understood to be willing to cover around 30 per cent of Ferguson's wages to help facilitate a straight loan without an obligation to buy.
Ferguson has yet to recover from ankle surgery undergone in March and is not expected to be available again until early October, meaning any deal would effectively be an investment in his medium-term fitness rather than an immediate boost for Genoa's attacking options.
His struggles at Roma followed a stop-start period at Brighton, where persistent injuries disrupted the progress he had shown as a teenager breaking into the Premier League.
Alongside the Ferguson negotiations, Genoa have completed the signing of 18-year-old Dylan Judelson from Orlando City on loan with an option to buy, with the midfielder set to begin his career in Italy with the club's Primavera youth side.
Judelson, who holds dual Canadian and Latvian citizenship, has represented Canada at every youth level and will train alongside De Rossi's first team while establishing himself in the Primavera set-up. It will be for the Genoa coaching staff to assess his progress and determine whether to exercise the option to sign him permanently.
The two deals reflect different strands of Genoa's summer strategy: an experienced, if currently sidelined, forward brought in to add proven Premier League pedigree once fit, alongside a teenage prospect signed with a view to long-term development within the club's youth pathway.
Ferguson has 26 senior caps for the Republic of Ireland, scoring eight goals, and remains highly regarded despite his difficulties at club level over the past two seasons. He joined Roma on loan for €3million last summer with an option to buy set at a further €40million, a fee that was never likely to be triggered given how limited his game time proved to be, with just five goals and two assists across 22 appearances before the ankle injury that ended his season in January.
Judelson made 23 appearances for Orlando City's reserve side last season and has been a regular for Canada's youth national teams, including their run to the Under-17 World Cup in 2025. He is due in Italy in the coming days to complete his medical before formally becoming a Genoa player.