Foden is considered one of English football’s brightest young talents and has been a member of the senior Manchester City side since 2017.
The 20-year-old has taken a more prominent role in the Manchester City team this season following the departure of David Silva, and Foden has repaid Pep Guardiola’s faith in him with a number of eye-catching displays.
Foden, who is now a full England international, has scored six in 19 appearances across all competitions this season for Manchester City.
Goater, who enjoyed a five-year stint with the Citizens in his playing days, has been wowed by Foden’s displays and believes the youngster can go on to claim football’s most prestigious individual honour.
"The world is at Phil Foden’s feet,” the former Bermuda striker told the EFL ahead of his old club's League Cup clash against Manchester United on Wednesday.
"I think he can really go all the way. I can see him standing on the podium and being on the shortlist for the Ballon d’Or.
"I know that’s a huge thing to say about someone still so young, but he has this quality about him, and what I like about him is the energy he brings, the constant goal threat he brings - whether that’s scoring or assisting - and as a midfielder these are great qualities.
“He can play anywhere and he will play anywhere. I can really see his future as being one of the best in the world, he’s phenomenal for someone so young and I genuinely think in four or five years he could challenge for the Ballon d’Or, he’s got that much potential."
