In rugby league, rugby union and ice hockey, players are ordered to spend time off the field for offences that are not serious enough to warrant them being sent off for the rest of the match.
UEFA coaching ambassador Ferguson is keen to stamp out simulation, which he described as a 'disease' in football.
And Ferguson, who is hosting UEFA's annual managers' meeting in Nyon, said the potential introduction of a 'sin bin' was being discussed by the governing body.
"We couldn't get to an agreement about it because it's such a controversial decision to change from what we know to a sin bin, but there was a good discussion about it," Ferguson said.
"From UEFA's point of view, it's something that they're looking at.
"It has some merits - in particular simulation by a player which has become a disease within the game."
Ferguson also offered his view on the extravagant spending from English clubs in the recently completed transfer window.
Premier League outfits splashed the cash, spending a reported £830million on signing players, with Ferguson's old club the primary spenders.
In a bid to return to former glories, United spent an estimated £150million on bringing in Angel di Maria, Ander Herrera, Luke Shaw, Marcos Rojo, Daley Blind and Radamel Falcao.
Ferguson was a vocal critic of Manchester City's spending sprees in the past but declined to criticise his former club.
"My own personal opinion is that it's never going to change," he added.
"The world's progressing all the time, with transfer fees keeping up with it.
"I don't know if there's an end to it, fortunately I'm not in the hub of that now, but it's an amazing number, the amount spent now."
