Federici told BBC Berkshire: "Australia against England is a great rivalry, whether it's rugby, cricket or football so it would be a great spectacle.
"If we get them in the next round it would be great for both sets of fans but we have to get there first."
Australia have been drawn in the same group as Germany, Serbia and Ghana and Federici knows it will be tough to qualify.
"It's a tough group for us but we'll be looking to get through to the next stage," he said.
"We had a great World Cup last time round - we'd like to get further than last time. As a team we want to play well and play like we have in the qualifying games."
Federici is yet to win his first full cap for Australia, although he represented them at the 2008 Olympic Games in Beijing.
And he is cautiously optimistic about being part of their World Cup squad.
"It's down to the manager," he added. "If he likes me then he'll pick me. There are lots of Australian goalkeepers playing all around the world.
"I'll just have to keep playing well for Reading and hopefully with my performances and the team playing well, I'll be in that squad going to South Africa.
"I love going away with the squad and hopefully one day I'll take over from Mark [Schwarzer] but it comes down to the manager's choice."