Champions Chelsea have made two bids for the 21-year-old defender, the latest of which was understood to be in the region of £29m, but both have been rejected by Everton.
Reports suggest Manchester United have asked the Toffees to keep them updated on the situation and may themselves enter the fray for the promising young England international.
If Stones had a choice over which side to join, Ferdinand believes he knows which would be best for the player.
"If he goes to Man United, he plays every week so that's the right club for him," said the former United centre-back.
"If he goes to Chelsea, he's not playing every week. He's at that stage of his development where he wants to play every week.
"If you say to any young footballer to leave a club to sit on the bench, you've got to be a lunatic. You have to be."
Ferdinand believes his former club United need to strengthen their defence.
"I don't think (coach Louis Van Gaal) knows his best defence - that's a problem in itself," the 36-year-old Ferdinand, who retired at the end of last season, added.
He continued: "Part of the reason he doesn't know it is because he hasn't had a chance to watch them all play over a long time - consistently for 12 or 15 games.
"If you don't get that familiarity between you as defenders, it's difficult to build foundations."Reuse content