The Sweden international left San Siro for the Parc des Princes in 2012, joining the Ligue 1 outfit for a fee of €20 million and on a three-year contract contract.
The forward subsquently signed an extension until 2016 and recently stated that he is happy in the French capital.
However, Milan CEO Adriano Galliani and coach Sinisa Mihajlovic have made no secret of their desire to persuade the 33-year-old to move back to the Giuseppe Meazza and Eriksson believes that a return would also appeal to his compatriot.
"Ibra remains tied to Milan," the Swedish coach told the Gazzetta dello Sport.
"His return to Milan would be useful for both him and the Rossoneri."
Mihajlovic has stated his belief Ibrahimovic would transform Milan into title contenders.
However, Eriksson, who lifted the Scudetto with Lazio in 2001, believes the Rossoneri will be contenders this year regardless.
"I think that Inter and Milan have closed the gap that has separated them from the Bianconeri in recent seasons," he added. "In my opinion, they can go for the Scudetto."
Milan finished 10th in Serie A last season but have already splashed out on Luiz Adriano, Carlos Bacca and Andrea Bertolacci this summer.
Inter also have high hopes for the new season after acquiring the likes of Geoffrey Kondogbia, Miranda and Stevan Jovetic.
