Dicks does not believe the ex-Blues forward is the long-term solution to West Ham's goal needs.
He told The Sun: "When Andy arrived, it probably put Carlton's nose out of joint a little bit.
"He came in to replace Andy the first time he got injured and didn't do a very good job, but he was good against Chelsea.
"If Carlton's scoring goals, he'll keep Andy out of the side when he returns.
"With that said, I don't think Carlton's lived up to expectations at West Ham at all.
"He's a big, powerful fella and some days when I've watched him he's been unplayable. When he's got the bit between his teeth, you can't stop him.
"But at other times, it looks like he's never kicked a football in his life."
With all the assets required to be one of the league's most feared hitmen, Cole should have a reputation as one of the best goalscorers to pull on a Hammers shirt.
And Dicks reckons a lack of self-belief could be behind the 29-year-old's erratic performances.
He said: "For me, it just comes down to your own belief and your ability.
"When I was playing, I always believed I was the best in my position and was always ready to go out and give 110 per cent.
"Today's players simply don't graft as much."