Ferguson signed a three-year deal at Selhurst Park last month, having turned down the chance to remain at The Hawthorns.
Having made it clear to Albion he would not be agreeing new terms, the 19-year-old had been set to join Palace in January.
The two clubs agreed an £11million fee, which included £1million in add-ons.
But a problem with Ferguson’s knee – picked up during his medical – saw the move collapse at the last minute.
With his contract having expired, Ferguson joined Palace last month
But as he is under 23, Albion are due compensation for the player they have developed since he was seven – with that fee likely to be determined by a tribunal. In a bid to prevent that, the Express & Star understands Palace recently made Albion an offer for Ferguson. But that was rejected out of hand by the Baggies, who are confident they have a strong case when the tribunal takes place.
Albion will point to the fact they agreed a potential £12million deal for Ferguson just eight months ago.
They also believe they showed how highly they regard Ferguson with the contract they offered him.
While their weekly wage was slightly under what Palace offered while Albion remained in the Championship, the Express & Star understands the defender was offered a deal that would have seen him earn more per week if the Baggies reached the Premier League – which they did.
And the club is confident the transfer fee negotiated in January, together with the contract they offered Ferguson, will be key factors when the tribunal decides the correct price.
Recent reports have suggested the Baggies could receive around £6million for the defender.
The impact of Covid-19 on transfer fees means Albion are unlikely to get the £12million they previously negotiated.
But they are determined to push for as much as possible, with head coach Slaven Bilic saying he believes Ferguson has the potential to one day play for England.
Meanwhile, Dundee United boss Micky Mellon has denied reports in Scotland that Albion have bid for striker Lawrence Shankland.
“None,” former Baggies midfielder Mellon said when asked if there was any substance to the stories. “Nothing will be done here unless it’s a case of making Dundee United better.”