And the Swede, 62, is certain the Foxes have the infrastructure and financial clout to reach the top flight.
"How quick it will happen is difficult to say because we are starting in a not perfect position - but it will happen," Eriksson told BBC East Midlands Today.
Former England boss Eriksson had his fingers burned when the promised financial backing failed to materialise while he was director of football during a much-publicised spell at Notts County.
There will be money available in January if we need that, no doubt about that
Sven-Goran Eriksson
He is no doubt that this time around his stay in the East Midlands will not only last longer than his
ill-fated time at Meadow Lane,
but will also bring promotion to the Premier League.
"It is real," Eriksson said. "They are real people behind the club who want to play in the Premier League as soon as possible.
"I met the owners and they explained what they wanted to do. I knew the stadium and the training ground so the facilities are fantastic and the stadium is beautiful.
"If the owners have these ambitions then I am interested and I want to be a part of it.
Foxes fans react to Eriksson appointment
"I hope it's not the same as it was at Notts County because after six months there was no substance behind the club and that's why I left.
"There will be money available in January if we need that, no doubt about that. I don't want - for the next two or three years - to be a manager in the Championship.
"This is a new challenge and a big challenge. I'm happy to sign for a club with big ambitions and that's why I'm here. Let's see what is going to happen."
Source: BBC Sport
Source: BBC Sport