"What is the manager Claudio Ranieri saying to the owners? Because if I were him I'd want an investment in January because this is a big opportunity," Ferguson told the Daily Telegraph.
"They (Leicester) could win the league the way they are playing at the moment and they have goals in their team.
"At the moment, he (Ranieri) can pick the same team because he has a limited squad and is doing very well.
"But if he wants to win the league, I think he should add to it. And I think there may be a great chance."
The Foxes have a tough run of fixtures against Chelsea, Everton, Liverpool and Manchester City before the transfer window opens, and Ferguson questioned whether the squad has the depth to be fighting for the title at the end of the season.
"For a small club historically like Leicester City, they have a challenge. How far can they go with this present squad, can they last the whole season?" he said.
"This is a team with fantastic vitality, speed, energy... but, the question is, how long will it last? Have they the resources to continue throughout the season?"
(Reporting by Simon Jennings in Bengaluru; editing by Sudipto Ganguly)
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