The Denmark international dropped a bombshell in June by expressing his desire to "try something new", after six years of service for Spurs.
Eriksen has just one year remaining on his existing contract at the club and at 27-years-old, now may be the best time for Tottenham to cash in on a prized asset.
Real Madrid has been mooted as his most likely next destination, as boss Zinedine Zidane continues a major summer overhaul at Santiago Bernabeu.
The Frenchman has already brought in Eden Hazard, Eder Militao, Ferland Mendy, Luka Jovic and Rodyro, with more signings expected before the start of the new season.
Chimbonda, who took in two spells at Tottenham during his playing career, claims Eriksen "needs" to try and push through a move to Madrid but also warns he will be by no means guaranteed a spot in Zidane's starting XI.
"It’s in Tottenham and Eriksen’s best interest for him to leave the club this summer," Chimbonda told Sportingbet.
"Eriksen won’t play in Real Madrid’s first team, but it’s the price he will have to pay for trophies. Madrid have too many world class players in the form of Hazard, Modic and Kroos, who will all get ahead of him on the team sheet.
"Madrid is a massive club and there is no room for players to have an off day. If Eriksen has a dip in form, another player will be waiting to come in and take his place, which isn’t the case at Tottenham.
"It’s a massive step for him, but one he needs to take. He has shown he can single-handedly win games and I believe he would do the same at Madrid."
Spurs have reportedly identified Real Betis midfielder Giovani Lo Celso as a transfer target in recent weeks and Chimbonda feels he would be the ideal man to replace Eriksen if he does decide to move to the Spanish capital.
"Lo Celso would definitely be able to fill [Eriksen's] shoes," he added. "He's a very clever player and can unlock defences with his passing ability, which is what Eriksen brought to the team.
"He improved massively when moving to Betis as he had better players around him and I think it would be the same if he moved to Tottenham.
"Having the likes of [Harry] Kane, [Heung-min] Son and Lucas [Moura] in front of him will make him a real handful against any opposition."