The 18-year-old is out of contract at the end of the season and reports emerged on Thursday that the Magpies had tabled an offer for him.
Morrison has had a chequered history and appeared in court last year and pleaded guilty to two charges of witness intimidation.
However, United have worked tirelessly to keep the Manchester-born youngster on the right tracks, recognising the ability that has led to a widespread claim Morrison is the best young player to emerge from United's youth ranks since Paul Scholes.
Yet Scholes' decision to come out of retirement has led Morrison to question his own future, although Ferguson claims the teenager has already rejected the contract United have offered.
Speaking at his press conference before Saturday's clash with Bolton, Ferguson said: "His agent has been working hard to get him another club.
"We've offered him terms which he has refused. We've rejected an offer from Newcastle. We'll see how that progresses."
His demands are unrealistic as far as we're concerned."