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Ferguson won 73 of his 145 games in charge at London Road
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Darren Ferguson is set to take over as manager of championship side Preston North End, BBC Sport understands.
The 37-year-old, who was also interviewed by Sheffield Wednesday, spoke to the Preston board on Sunday and has accepted their offer.
Ferguson left Peterborough by mutual consent in November with the club bottom of the Championship.
The Scot, son of Manchester United boss Sir Alex, will replace Alan Irvine, who was relieved of his duties last week.
More to follow.
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