Eriksson believes Walcott, the youngest player in England's international history, could ease the strain on Wayne Rooney or Peter Crouch in the later stages of the second-round match in Stuttgart.
Asked if he thought Walcott was ready to be thrown on for such a pressure match, having played only 25 minutes for England in a friendly win over Hungary last month, Eriksson told reporters: "I think so.
"The weeks he's been together with us have been fantastic for him. He's getting better and better, with more and more confidence.
| |||||||||||
Owen's ruptured cruciate ligament has left the Swede with only Rooney, who is coming back from a broken foot, and towering Crouch to start in attack on Sunday.
Rooney was given 69 minutes of the 2-2 draw with Sweden on Tuesday after returning as a substitute in the 2-0 win over Trinidad & Tobago following a near seven-week absence.
FEEL GOOD
"My fitness has never been a problem and I feel really good," Rooney told the FA's website after being clearly frustrated at his substitution.
"I felt I could have played longer out there."
Eriksson, who has expressed no regrets in public about not taking Jermain Defoe as a fifth striker at the expense of a midfielder, has two other options up front.
Midfielders Joe Cole, who volleyed a spectacular opener against Sweden, or Steven Gerrard, who headed the second, could play further forward.
Cole's trickery down the left has been one of the few highlights of England's group phase and his place there would go to the more conventional winger Stewart Downing.
Gerrard, who missed the 2002 World Cup due to groin surgery and was mediocre at Euro 2004, has been fizzing in Germany.
He scored in the support striker's role against Hungary and netted in the group game against Trinidad.
Gerrard's move up the pitch would enable Eriksson to keep Owen Hargreaves as a holding midfielder behind Frank Lampard.
The problem Eriksson faces at these finals is arguably less to do with individuals and more to do with getting the team to play with sustained fluency.