The Foxes are up to 10th in the Championship table and just four points behind Nottingham Forest, who occupy the final play-off spot, after beating Millwall 4-2 on Saturday.
Eriksson insists Leicester are in a good position but warned they must treat each of their remaining 18 league fixtures as a cup final.
"The team is starting to believe now that it is possible, more than three months ago," said Eriksson. "We are on the right road and heading in the right direction. I still believe we can at least reach the play-offs.
"We have to take points to move up the table and I think we can do it. There are 18 games left and they should be like a final, each one, for us.
"It would be a dream to take the club into the Premier League this season. Everyone knows that, if you want to stay in the Premier League, it costs a lot of money, but you earn a lot of money as well. We are ready."
Source: PA
Source: PA