The Seasiders have been without a permanent manager since Paul Ince was sacked on January 21 with former Scotland international Ferguson assuming temporary charge in the meantime.
Ferguson has failed to win a game in that time, drawing three and losing two, as part of a sequence of 15 matches without victory.
However, Oyston insists he has been impressed with the transformation under Ferguson but is in no rush to decide whether the Scot or another applicant will be the next Blackpool boss.
Speaking at a question and answer session with Blackpool Supporter's Association, Oyston said: "I see no benefit particularly in making a formal arrangement, Barry is doing OK at the moment.
"We need to keep his options, and ours, open. There's no pressure whatsoever to make anything permanent, on his part or ours.
"The squad are working very hard and are fully behind him, so I don't see how they could be more committed if we made the arrangement formal.
"Also, he's been a player up until four or five games ago and management isn't for everyone. It's maybe not something he wants to leap into and we need to see what his capabilities are. And bear in mind he's earning much more than the previous manager with his playing contract, so it's not a money thing either."
There has been plenty of interest in succeeding Ince, but Oyston has turned a blind eye to all of them so far.
He added: "We've received 50-odd applicants - 20-odd which we would consider as serious - but you always get that.
"I won't speak to any other managers while Barry is in the job. There would be nothing worse for a manager than for him to be working hard and doing the right things, then finding out we are sniffing around other people. We just wouldn't do it.
"There's no rush to appoint him but I'm sure we will be. He's doing an excellent job. He's done very well, I am very pleased with how things have gone."
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- Employment & Career
- Paul Ince