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The 55-year-old opened up about the story during an ‘Evening with Gazza’ charity night in Newcastle.
He began the segment by describing the first time he spotted Ferdinand's genitalia in the dressing room. "I swear down, when he took his clothes off, you should have seen the size of his f***ing c**k," he said. "He made mine look small."
According to Gascoigne, he then approached the former Newcastle and Spurs striker after spotting it.
“I went 'Les, Les please, please let me have one f***ing hold of that thing'. So he let me have a hold of it."
Gascoigne, in his own words, played a "blinder" after touching Ferdinand's penis and in the coming weeks, months and years, the bizarre scenario would become a pre-match ritual.
"The next game at Wembley, I said, ‘Les get it out’," Gazza said. "And every time we played for England, Les went ‘hurry up and get it over with Gazza'."
Ferdinand and Gascoigne would spent five years in the Three Lions set-up together between 1993 and 1998. They scored a total of five goals between them in 12 appearances.
Ferdinand, meanwhile, has played down the story. In fact, during an interview with The Sun, he laughed: "That’s absolute nonsense. That never happened – I think he’s away with the fairies on that one.”
In another story told by Gascoigne at the charity event in Newcastle, he claimed to have put one of his England caps on a Cheetah during a safari in South Africa.
“On the way to Africa, I am f***ing steaming on the f***ing plane," he said. “I get off, I get to the place. They thought, 'S***, let’s get him out of here. Let’s get him on a safari'.
“I jumped off the lorry and ran over to the cheetah. I’m an England ambassador and I’m looking at this cheetah, and I’m pretending I thought it was a puppy.
“I said, 'Don’t move, you’re not getting fed'. I could see this guy, I didn’t know if he was going to shoot me or the cheetah.
“All of a sudden another cheetah came around. F*** me, it went with it’s claw and ripped my f***ing England suit. I went back to the f***ing truck and got two England caps and put them on the cheetahs."
He added: “They went, 'F*** Gazza, get here'. I jumped back in the truck and they said, 'You know that could have f***ing killed you'. I went, ‘F*** that, where are the hippopotamuses?’
“I was supposed to be there a week, they sent me home the next f***ing day.”