Eriksson shocked English football by naming him in his 2006 World Cup squad - and then watched his amazing run at Anfield to set up Arsenal's second goal on Tuesday.
The Swede said: "That run was amazing, to take it from his own penalty box to the other one.
"The pace he has got, I don't think there is anyone better. He was like Maradona."
Walcott, 19, has been used as an impact player from the bench by Arsene Wenger but Eriksson believes he is ready to start.
The Swede added: "The competition is obviously big at Arsenal. But I believe Theo is ready to play regularly in the first team."