According to the Football411 website, having announced his departure from SuperSport United last week, Hunt was reportedly set to earn a monthly salary of R750 000 after joining Wits, who are also believed to have handed him a R10-million signing-on fee.
Ferreira, however, has come out scathing at sections of the South African media for having bought into such 'obscene' claims.
"I am accustomed to all kinds of reporting when it comes to South African football, but to suggest that Gavin Hunt received a combined package (salary plus signing-on fee) of approximately R20 million is beyond any limits of reasonable reporting," Ferreira said on MTNFootball.
"It is not ridiculous, it is obscene! And it borders on outright maliciousness.
"Some of the top coaches in the world don't come close to the suggested numbers and only someone with a wild imagination can suggest that any South African club can afford that kind of a package."