The Swede led England to the quarter-finals eight years ago, a stage which the 66-year-old believes would be a "good achievement" this summer.
"I don't think any team were better than England at the World Cup in Germany," he told BBC Sport.
"I don't believe England have the chance to win this time. The quarter-finals would be a good achievement."
Eriksson managed England between 2001 and 2006.