Pienaar admits that in Fabio Capello England finally have a manager capable of bringing the best out of them, but he doubts whether they will be able to deliver on the biggest stage.
"They have got the players and they've got a manager (Capello) who's finally got them to play as a team," Pienaar told South African weekly newspaper Soccer Week.
"They have a reason to feel confident, definitely, because in the past there were egos in their team but they play as a team now, no more about individuals.
"But we have to wait and see if they can live up to the challenge. We have to do it on the field and not in the newspapers."
While professing his admiration for Capello and his troops, Pienaar believes the global crown will end up in the hands of one of the more established football giants.
He said: "I have always said Argentina. Spain is also in the mix and you can never rule out Italy and Germany. Italy know how to win tournaments and the Germans have a good team, so they also have a chance to win it."
Pienaar has played down England's chances of going all the way, claiming their flaws will be uncovered by the best sides in the world.
He added: "I'm not a fan of the England team. I think teams can get a result against England."