Charlton remains the Three Lions record scorer with 49 goals.
He was also a pivotal member of the 1966 World Cup winning team every other England side is compared to.
However, speaking at the annual Soccerex conference in Manchester, Charlton expressed concerns about whether it will happen again.
"People wonder whether we will ever win it again. I worry about that as well," said Charlton.
"When I am asked to give my opinion, I always say yes (we can win the World Cup) but it is a fool's errand.
"You need good players. But if all the spaces at English clubs are taken by foreign players, you have no chance."
With England presently labouring in their attempt to reach next summer's World Cup in Brazil, Charlton's assessment seems fairly astute.
"It is hard to think we could win a World Cup when you see the quality of the other teams," he said.
"Spain would have to be my favourites for Brazil, plus Germany, because they have some good players emerging.
"I want to see some English players emerge."
So much hope seems to be invested in Wayne Rooney. Charlton has taken a close interest in the Manchester United man's career for obvious reasons.
And whilst he has no wish to lose his England goals record, he feels the 27-year-old will be a fitting player to do it.
"I am really proud of my record and if someone takes it I would be sick," he said.
"But I would be happy if it was Wayne."