Swede Eriksson said: "I wouldn't be surprised if Jose was a candidate for the England job, absolutely not.
"But do you think the discussion that you must be English to be the England manager is still going on? I don't think so.
"Nobody would complain if England were to take Mourinho. I think what he has done during the last 10 years makes him perhaps the best, or one of the best, managers around."
Leicester chief Eriksson knows that Mourinho would not only be in line for the England job.
He added: "When he's finished at Real he won't be short of offers, so why not? If you've tried English football, you love it, whether you are a player, coach or manager.
"If you've been working in football in England, then leave for another country, it's not the same. So, I understand Jose wants to come back."