The 17-year-old starlet moved to west London from SPL giants Celtic back in September, signing his first professional contract with the Blues.
"We brought him in because we believe a lot in his talent," explained Villas-Boas. "He was one of the technical director's prerogatives for the season.
"I think eventually, if he produces like we expect, he can become a great player. It's all a learning process.
"You just have to wait because it is dependent on too many factors at the moment for us to try and predict. But hopefully we can promote his talent up to the Chelsea first-team."
The Somalian-born forward, who has represented Scotland at youth international level,has been in good goalscoring form for the Blues' U18 side, and has successfully made the transition into the reserve team.
However, Feruz is yet to be rewarded with any involvement in the senior Chelsea team, but the Portuguese tactician insists that is no reflection on his progress at Stamford Bridge.
"I haven't had the opportunity to call him up to first team training," explained Villas-Boas.
"A couple of them [academy players] have been involved in our training sessions but that is not the case with Islam."