Ferrero also reached the finals at the UBS Open, losing to Jiří Novák, 1–6, 7–6(7–5), 5–7. He followed it up with a quarterfinal showing at the Generali Open falling to Nicolas Lapentti 6–7(6–8), 2–6 and at the Canada Masters falling to Patrick Rafter 5–7, 6–4, 2–6. He then had a disappointing results in America, losing in the second round of the Cincinnati Masters to Hicham Arazi 7–6(7–1), 4–6, 4–6 and the third round of the US Open with his compatriot Tommy Robredo upsetting him in a tight five setter 6–7(5–7), 6–4, 4–6, 6–4, 6–7(1–7). He then helped his Davis Cup team get back to the world group by defeating Uzbekistan's Oleg Ogorodov 7–5, 6–2, 6–4. He then made the quarterfinals of the Salem Open losing to Rainer Schüttler 3–6, 6–7(6–8) and the Grand Prix de Tennis de Lyon to Younes El Aynaoui 4–6, 4–6. However, he fell in his first matches at the Stuttgart Masters to Thomas Enqvist 6–4, 3–6, 6–7(4–7) and at the St. Petersburg Open to Rainer Schüttler 6–7(8–10), 4–6. At the final Masters event of the year the Paris Masters, he fell in the third round to Hicham Arazi 2–6, 6–4, 3–6. Ferrero qualified for the Tennis Masters Cup and advance to the semifinals defeating Gustavo Kuerten 7–6(7–3), 6–2 and Goran Ivanišević 7–6(7–4), 7–6(7–5), but losing to Yevgeny Kafelnikov 6–4, 1–6, 6–7(5–7) in the round robin stage. In the semifinals, he lost to eventual champion Lleyton Hewitt, 4–6, 3–6. He finished the year ranked No. 5.