The 30-year-old has attempted to prove his fitness to prospective clubs by posting videos on the internet, but Eriksson wants more assurances.
Speaking in Sweden on Leicester's pre-season tour, Eriksson said: "Yes, in one way we have tried to contact him. I've spoken to the agent now. It depends totally on Owen - the ball is in his court.
"It is difficult that he wants to come to the Championship and I am not sure he is 100% fit at the moment, so right now it is on ice.
"I don't even know if he is fit or if he wants to play but if he wants to speak to us, we are more than willing."
The former England manager added: "I have always said if he is fit, Owen Hargreaves is a great player."