The Swede was in charge of the Three Lions between 2001 and 2006 and oversaw three tournament quarter-final exits before resigning after the 2006 World Cup.
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"I know for sure, if that had been me, I would have been sacked at once," Eriksson told The Telegraph. "If he were foreign, he would be sacked. I'm quite sure about that."
Eriksson also questioned the low expectations of the national side before heading to Brazil, insisting the national pool Hodgson has available is as good as his 'golden generation'.
"I don't know why the expectations are so low today," he continued.
The expectations in the three tournaments I had the team, was the final or semi-final – no other discussions. And when we reached the quarter-final, that was not good enough.
"Today, it seems to be very, very good if you would do this. I don't think things have changed, realistically. England has still a very, very good team.
"It's not that the rest of the world is far, far ahead of England. It's not like that.
"If they don't want me back, keep Hodgson. He's good. I would come back at once, of course. But that will not happen."