Ms Fergus is calling for a public inquiry to find out what parole bosses knew when they released Venables and fellow murderer Robert Thompson in 2001.
She has only now found out the full extent of James's sexual injuries after years of being unable to face the full horror of what happened to her son, according to the Sunday Mirror.
Venables, 35, was jailed for child sex offences earlier this month, five years after being released from a two-year sentence for similar offences.
But it has now been reported he has a secret girlfriend who not only knows he became a murderer at 10 years old but even plans to visit him in prison.
A source said: "There is nothing to stop Venables dating, but when the relationship became serious officials had a duty to inform the woman about his past.
"That included full disclosure about his criminal history, including his role in murdering James Bulger.
"She must be the only woman in the world who's blissfully happy to be dating the devil."
The woman, who cannot be named, is understood to have met Venables some time after he was given a second new identity in 2013.
The Probation Service monitored the couple during weekly visits to Venables and told him to reveal his true identity once the relationship became serious.