Ferrell graduated from USC in 1990 and has remained active with the school, delivering the commencement speech there earlier this year and funding other campus programs and scholarships.
Ferrell's wife, Viveca Paulin, played soccer at Pomona College and the couple's three sons also play.
USC's women's soccer team, which has a 27-player roster, won the NCAA Division I National Championship in 2016.
The school is engaged in an overall fundraising drive called the Heritage Initiative, which has a goal of raising $283 million, or $1 million for each of the 283 scholarships awarded across all of the school's 21 varsity sports. The Viveca Paulin and Will Ferrell Scholarship Fund contributes to that goal.