The team fired GM Dell Demps on Friday after nine years at the helm.
Assistant general manager David Booth was also reportedly considered a candidate to lead the organization on an interim basis, per Adrian Wojnarowski of ESPN.
Ferry spent 13 years in the NBA as a player before serving as a GM in two different stints.
He worked with the Cavaliers from 2005-10, building up the squad into a contender during LeBron James' first run with the team. The squad made the playoffs in all five years he was in charge, reaching the NBA Finals in 2007.
The GM was fired one month before James left the organization for the Miami Heat.
From 2012-14, Ferry ran the Hawks to help build a squad that eventually reached the Eastern Conference Finals. Most notably, he signed Paul Millsap and drafted Dennis Schroeder while trading away Joe Johnson.
He stepped down following a leave of absence after making racist remarks on a conference call.
The Pelicans have a lot of decisions to make going forward, most notably how to handle Anthony Davis after the superstar requested a trade. However, the organization will likely want to hire a full-time GM before making a move of this magnitude.