The Three Lions have impressed at their last two international tournaments, reaching the semi-finals of the 2018 FIFA World Cup in Russia and finishing as runners up at last summer's European championships.
Eriksson managed England to three quarterfinal finishes at the 2002 and 2006 World Cups as well as EURO 2004.
Gareth Southgate's side have been paired alongside USA, Iran and either Ukraine, Wales or Scotland in Group B and Eriksson expects them to easily progress en route to hoisting the trophy for the first time since 1966.
Eriksson told Stats Perform: "I think they are one of the big teams who can win, and maybe they are the biggest favourite.
"I'm not sure how strong Brazil and Argentina are in this moment, but in Europe, Italy [are] not there. Spain, I don't think they are good enough to win it too. Germany, you never know they could do it. Belgium, always a good team."
"The group with England, Iran, United States and then it's Ukraine Scotland or Wales. I mean, it's always difficult in the World Cup, but I can't see them not winning that group," Eriksson added.
"That's impossible. They will win it easily. And then it depends always, who are you going to meet next stage, and then if you win there you go to the quarter-final.
"So, a little bit of luck there and no injuries, important players and so on and England can do it."
