Full-back Naughton, 21, joined the Foxes on loan until January having made just one first-team appearance for Spurs this season - in the Carling Cup defeat to Arsenal - and four in total.
Naughton had been linked with a loan move to Portsmouth but instead linked up with Leicester ahead of Saturday's npower Championship clash with Hull.
The former England Under-21 international joined Tottenham along with Kyle Walker from Sheffield United just over a year ago and spent the second half of last season on loan at Middlesbrough.
Former England manager Eriksson earlier insisted he would not rush into the transfer market as he seeks to get Leicester promoted back to the Barclays Premier League.
Eriksson succeeded Paulo Sousa earlier this month and has been assured by the Thai consortium now in control at the Walkers Stadium that they are prepared to bankroll a promotion push.
As well as Naughton, Eriksson has been linked with Fulham's Fredrik Stoor, but he insists he will take time to assess his squad and will not spend money if he feels he does not need to do so.
"I am quite new at this club so it will take some weeks to see if we need something," the Swede told Sky Sports News.
"I need some time, I just don't want to run around and spend money for the case of spending it. The owners want to get into the Premier League but I don't know yet (how much I will need to spend)."