Mourinho is under pressure after Chelsea suffered an eighth league defeat of the season which left the fallen champions just two points above the drop zone.
Even victory in Wednesday's crunch Champions League tie against Porto might not save Mourinho.
But former Manchester United boss Fergie urged Abramovich to continue to hold his nerve and backed Mourinho to eventually turn things around.
He said: “He (Abramovich) has sacked so many coaches in the last 10 years that I am sure he has learned by it. He has to trust and have confidence Jose can turn around.
“There is no point in sacking one of the best coaches of all time, he’s won the European Cup twice, he’s won the league in each country he’s managed in, he’s won the big trophies.
"It would be foolish to take that step to sack him. That would be bad management. It’s not leadership, that.”
Speaking at Tech Crunch Disrupt conference in London, he added:
"It would be foolish to take that step to sack him. That would be bad management. It’s not leadership, that.”
Speaking at Tech Crunch Disrupt conference in London, he added:
“I’ve been watching Jose and I’ve spoken to him a couple of times. It’s the first time he’s been confronted with non-success.
"If you look at his whole career it’s been nothing but a rise all the time, so for the first time in his life he’s had to deal with bad publicity, adversity, and thats a challenge but there are signs he is getting back to a balanced level even though they lost on Saturday.
“For Jose, all good leaders will eventually find a solution. He will find a solution and I think he will get back to normal. It’s not looking great at the moment, but I know the guy and work he has done in football and I can’t see it lasting long.”
Fergie claimed the disruptive loss of goalkeeper Thibaut Courtois to injury this season and captain John Terry's loss of form have been big factors in Chelsea's nightmare season so far. And he also suggested complacency after winning last year's title may also have played a part.
"If you look at his whole career it’s been nothing but a rise all the time, so for the first time in his life he’s had to deal with bad publicity, adversity, and thats a challenge but there are signs he is getting back to a balanced level even though they lost on Saturday.
“For Jose, all good leaders will eventually find a solution. He will find a solution and I think he will get back to normal. It’s not looking great at the moment, but I know the guy and work he has done in football and I can’t see it lasting long.”
Fergie claimed the disruptive loss of goalkeeper Thibaut Courtois to injury this season and captain John Terry's loss of form have been big factors in Chelsea's nightmare season so far. And he also suggested complacency after winning last year's title may also have played a part.
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