Zidane won both the World Cup in 1998 and the European Championship in 2000 during his career as a France player and reached the World Cup final again in 2006.
An England team featuring the likes of David Beckham, Paul Scholes and Steven Gerrard, on the other hand, did not progress past the quarter-finals of either competition during that same eight-year period.
"The mental factor can play a big part in football," Zidane told ShortList magazine. "Spain couldn't make it further than the quarter-finals for years; when they did manage to they went and dominated football in a way that hadn’t been done before.
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"Some of those England teams I played against with players like Scholes, Gerrard and Beckham were more than capable of winning tournaments, so maybe mentality played a part."
Zidane does see, however, the shoots of a new England team with the potential to challenge for honours beginning to emerge.
"[Harry] Kane and [Raheem] Sterling are two exciting players for England," he added. "This summer in France will be a real opportunity for the rest of Europe to see how good they are.
"I don’t think they are favourites but they still have some very good players. They were very strong in qualifying, so I am sure they will arrive in France thinking they have a chance."