The binding behavior of nanoaggregates of pentacenequinone derivative 1 having thiophene groups has been investigated toward various cations (Fe3+, Fe2+, Pd2+, Mg2+, Cd2+, Hg2+, Ni2+, Zn2+, Cu2+, Pb2+, Co2+, K+, Na+ and Li+) using UV-vis and fluorescence spectroscopy. Among the various cations tested, nanoaggregates of compound 1 show a selective and sensitive response towards ferric ions. Further, the paper strips coated with a solution of nanoaggregates of 1 can detect ferric ions at the picogram level, thus providing a simple, portable and low cost method for the detection of ferric ions at the picogram level in aqueous solution.