The Swede, who coached England in 2001-06, spent a season with Manchester City before taking the Mexico job in 2008 on what was reportedly a two-year, $7.5 million contract. Eriksson was sacked after Mexico's sixth loss in his 13 games in charge.
Eriksson coached clubs in his native Sweden, Portugal (Benfica) and Italy (Lazio) before becoming England's first foreign national team coach in October 2000. England exited in the quarterfinals of two World Cups and a European Championship under Eriksson.
Notts County, England's oldest club, has not been in the top flight since 1992. It was bought last week by Munto Finance.