The Nigerian striker joined the Foxes on loan from Everton until the end of the season during the January transfer window. Everton are reportedly ready to sell Yakubu this summer but Eriksson fears Leicester's failure to make the npower Championship play-offs could make it difficult to persuade the 28-year-old, and fellow loanee Diomansy Kamara, to make the move permanent.
"I don't know yet, maybe we will try (to sign Yakubu), maybe not. We have to start to talk about that," Eriksson told the Leicester Mercury.
"Players like Yakubu and Kamara, they wanted the play-offs and Premier League and I understand that, so we will have to see.
"Being in the Championship may make it tough to sign those two but I am still fairly optimistic we will find a good squad. I think football players will know what we want to do, what we are planning to do."