Mitchell, feeling the heat after four losses on the trot, stood down to take up a director of football role at the club, with both he and Ferguson locked into their new roles until the end of next season.
Glory owner Tony Sage warned Mitchell at the start of the season that his contract wouldn't be extended if he failed to guide the club to a top-four finish.
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And with the club currently sitting in seventh place on the table, Mitchell felt the time was right to make the switch.
"I have been contemplating this move for some time with chairman Tony Sage and am proud where the club is today compared to when I first came to Perth Glory," Mitchell said.
"The fans have been great and have come back in their droves.
"We have built a squad which can now compete and play attractive football with the infrastructure in place to challenge for a title.
"I have a deep passion for recruiting and utilising my global networks to bring success to Perth Glory.
"I thank Tony Sage for his backing and the opportunity to continue to grow our Perth Glory."
And in further news, marquee striker Robbie Fowler has extended his holiday stay in England and is set to miss Friday night's away clash with North Queensland.
