In a statement, Bologna said that their captain Ferguson "has sustained an injury to his cruciate ligament. He will undergo an operation, after which his recovery time will be assessed."
Ferguson, who suffered the injury during Bologna's goalless draw with Monza on Saturday, will be out of action for months.
The midfielder will have to sit out the Euros, which are being held in Germany from June 14 to July 14, and Bologna's bid for a first-ever appearance in the Champions League.
Seven-time Italian champions Bologna played one round in the old European Cup in 1964, the same year that they most recently won Serie A.
Ferguson, who has 12 caps for his country, has blossomed since moving to Italy from Aberdeen in 2022, scoring six times this season for Thiago Motta's Bologna who currently sit fourth in Serie A.
Scotland will kick off the Euros in the opening fixture with hosts Germany in Munich, and will also take on Hungary and Switzerland in Group A.
