The Germany international was a Manchester United target two years ago, but the then-Werder Bremen star opted to move to La Liga instead.
Despite an impressive couple of seasons at the Bernabeu, the arrival of Luka Modric in the summer has pushed Ozil down the pecking order at Real Madrid, and the German midfielder is reportedly unhappy in Madrid.
And Ferguson has requested to be kept informed of any developments in the player's situation. The report claims the United manager would be at the front of the queue should the La Liga champions decide to sell the Germany international.
The Spanish side bought Ozil for £12m, and the report suggests they would be looking to at least double that figure if they decide to sell him.
United missed out on Lucas Moura and Eden Hazard in the summer - two players who play in similar positions to Ozil - but Ferguson did manage to bring Shinji Kagawa to Old Trafford.
The German midfielder earns £110,000 per week at the Bernabeu, a wage reportedly well within Manchester United's wage structure.
At 24-years-old, Ozil is also young enough to retain some resale value, and Ferguson often prefers to buy players under the age of 25.
Ferguson is thought to be still looking for a long-term replacement for the 38-year-old Paul Scholes, who could be set to retire at the end of the season. Young midfielder Nick Powell has been tipped as a possible successor.