The 41-year-old believes that the Real Madrid forward can take a big step to being remembered as his country's greatest ever player ahead of Eusebio if he can lead Portugal to glory in Brazil this summer.
"If you want to be remembered like that in the World Cups, of course, you have to win," Figo told members of the media. "To be remembered as one of the greatest I think it's important to do well in the World Cup. If you do that in a small country like Portugal it helps.
"Right now I think he needs to have that distinction in terms of what people think about his qualities.
"Is he the best Portuguese player? In my opinion no-one is above Eusebio. But probably Ronaldo will beat some records and for sure he will be remembered."
Portugal will face Germany, USA and Ghana in Group G this summer.