There has already been talk of a permanent move to The Hawthorns next summer for the striker - nicknamed the Moston Menace - who was linked with Watford and Leeds last season.
The Blues' boss is aware that there are clubs in the Premier League and the Championship considering a move for Miller in January, but has urged the striker to wait.
Eriksson said: "I don't know if other clubs are going to do that, but if I were in Ishmael's shoes, I would stay with City at least until next pre-season and see what's happening.
"This is because he's doing very well and maybe getting better and better. So who knows? Instead of signing for another club, he could stay."