The 19-year-old FC Basel midfielder is rated at around £6million, and has attracted attention from a host of major European clubs, with a number sides in Serie A interested in the Swiss international's signature.
Having recently coaxed Paul Scholes out of retirement for the remainder of the season, Ferguson insists Manchester United will not be rushed into making any further signings this month.
However, with reports in Italy suggesting that the likes of AC Milan, Lazio, and now Juventus are weighing up bids for Xhaka, the reigning Barclays Premier League champions may be forced into making a bid or else risk losing out on the player altogether.
Manchester United have also been credited with an interest in Xhaka's club and international teammate Xherdan Shaqiri, but it is understood that the former is now Ferguson's preferred target.
Basel are keen to keep hold of both Xhaka and Shaqiri during the January transfer window, but given the strong interest in the talented midfielder their hopes may be in vein, with a bidding war seemingly just around the corner.