Holger Osieck was dismissed after over three years in charge of the Socceroos following a second successive 6-0 defeat to France in Paris on Friday despite having already guided Australia to Brazil next year.
Former Australia manager Guus Hiddink, ex-Liverpool boss Gerard Houllier, Melbourne Victory's Ange Postecoglou and Central Coast Mariners' Graham Arnold are among the early contenders for the position.
But Bosnich, capped just 17 times by Australia, wants Ferguson - who retired as manager of United at the end of last season - to return to management to lead Australia's assault at the World Cup next summer.
"We've been throwing around a lot of names but there's one person that I haven't heard mentioned - even though I've got more reason than anyone not to suggest him," Bosnich told Triple M radio.
"I'm just being honest and have had experience under him, so know what he's like - it is Sir Alex Ferguson. That name hasn't been put about, but we need someone of that ilk.
"He [Ferguson] would command a top whack, but in life, and especially in sport, you get what you pay for. If you want the very best, you're going to have to pay for the best."
Ferguson's only taste of international management came prior to his United career for Scotland following the sudden death of Jock Stein. He guided his homeland to the 1986 World Cup by beating Australia in a two-legged play-off before a group stage exit in Mexico.
The Scot went on to become the most successful club manager in British football history and signed Bosnich from Aston Villa in 1999 as a replacement for Peter Schmeichel.
Bosnich played just 30 times for United across a two-year spell at Old Trafford before a falling out with Ferguson coupled with the signing of Fabien Barthez saw him join Chelsea where he was later sacked by the west London club after testing positive for cocaine.
The 41 year old endured an inauspicious international career, playing second fiddle to Mark Schwarzer while instead preferring to concentrate on his club commitments.
Aged 71, Ferguson is highly unlikely to take up a new management position, particularly one that would see him separated from his family or from his non-executive director role at United.
FFA chief executive David Gallop, who has installed assistant Aurelio Vidmar for the friendly against Canada this week, said: "I have given our new head of national performance, Luke Casserly, and the national technical director, Han Berger, the task of conducting a review of our World Cup planning.
"The review will include all aspects of the technical and logistical preparations, national teams unit staffing and the appointment of a new head coach.
"The World Cup kicks off in eight months and the Asian Cup is 15 months away. We are determined to make the most of the historical opportunities that these tournaments present.
"FFA will give the highest priority to these projects because the Socceroos are the standard bearers for Australia on the world stage."
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