The Three Lions have triumphed in the tournament just once to date - the famous win of 1966 - while they have only advanced past the quarter-finals on one other occasion.
Gareth Southgate's men carved out impressive draws against current champions Germany and five-time winners Brazil during the November international break, however - results which Mourinho believes should give fans some cause for optimism.
"I think England must have a chance because the players are really good," he told Sky Sports News. "There's a great generation of players at different ages and with different qualities.
"They have good experience at club level, playing in the Premier League and plenty of them play in the Champions League too.
"England have great potential to do something important."
The group-stage draw for the tournament will take place on December 1.