The 16-time Grand Slam title-winning Federer was knocked out of the Australian Open 7-6 (3), 7-5, 6-4 yesterday by 2008 champion Novak Djokovic.
Djokovic will face either Andy Murray or Ferrer - they play in the other semifinal today.
"I'm looking forward to watching that match from my bed with some popcorn," Djokovic said. "David played a fantastic match against Rafa even though Rafa was struggling... with injuries.
"They are in top shape. Andy has been in top shape on this court. It's a Grand Slam final, anything can happen. I believe in myself, it's really one of the best matches I've played in a while."
It will be the first time since 2003 that Federer will not hold any of the four major titles and the first time that neither Nadal nor Federer will not feature in a Grand Slam final since the Australian Open in 2008, when Djokovic beat Jo-Wilfried Tsonga.
"I was ready for another two sets easily," Federer said. "Pity I couldn't push him there. Wish I could have won here for the fifth time, but it wasn't possible tonight."
It is the second straight Grand Slam that Djokovic has knocked Federer out in the semis. At last year's US Open, the Serbian player saved match points before beating Federer in five sets to advance to the final against Nadal.
The last time Federer lost in straight sets to Djokovic in a major was here in 2008.