The 30-year-old French forward was handed a trial at the Walkers Stadium and impressed in Tuesday's 3-1 reserve-team victory over Peterborough.
But following Leicester's 2-2 npower Championship draw with Sheffield United, Eriksson revealed he would not be pursuing his interest in the player.
"He's a very good football player, quick with good technique, but he's a wide player and we have (Dany) N'Guessan, (Lloyd) Dyer, (Darius) Vassell and (Paul) Gallagher who can play there," said the Foxes boss.
"I can't say that Pancrate is much better than the others so I prefer not (to sign him).
"We wait until we are sure we are taking someone who gives something extra to the team."