Ferguson, who does have his coaching badges, took training on Thursday and Friday ahead of Saturday's Sky Bet Championship match with Doncaster at Bloomfield Road but was coy on whether he would like the job beyond that when he faced the media.
However, Glenn Bowley, the BSA's chairman, thinks the 35-year-old former Scotland captain could be a success with the Seasiders if both he and Oyston decided on making the arrangement more permanent.
"I think the fans would back anybody," Bowley told Press Association Sport.
"The fans will support their team and if it's Barry in charge on Saturday they will get right behind him and the players. I would imagine he's got great pedigree, he's played at big clubs, captained his country, so I'm sure the players will respond to him even in training.
"And if it is Barry Ferguson in charge on Saturday and until the end of the season then I'm absolutely convinced every fan will get behind him, support him and the players."
Ferguson has called on experienced coaches Malky Thomson and Bob Malcolm to help him and insinuated he would be on the sidelines on Saturday, rather than playing in the middle of Blackpool's midfield.
Oyston had success when appointing Simon Grayson as a player-manager nearly a decade ago and Bowley can see parallels with that situation and their current predicament.
Bowley continued: "We've been in this position before about seven years ago when Colin Hendry was sacked. He (Oyston) opted for a player-manager then in Simon Grayson and we stayed up that season and got promoted the next.
"Simon had a very experienced number two in Tony Parkes so it may well be that the solution is Barry Ferguson with an experienced number two, somebody he knows, somebody who has been around the game for a long time because the thing with Barry is, he's still a player and he's one of our best players.
"You would certainly expect him to play on Saturday and he needs someone he can trust to assist on the touchline so it may well be that Barry Ferguson is the answer with a strong number two and that is something the fans would definitely support as well."