Foden has endured a stuttering start to the new term – playing just 195 Premier League minutes – due to a foot injury but impressed as he scored against Liverpool in Sunday's 2-2 draw.
Having scored in the previous two games against Jurgen Klopp's side, Foden's equaliser made him the youngest player (21 years and 128 days) to score in three consecutive top-flight appearances against Liverpool since Romelu Lukaku in November 2013 (20y 194d).
And Dickov, who was speaking exclusively to Stats Perform, used Foden's performance at Anfield as an example of why he could become the best in the world.
"People keep talking about [Foden] being the next big thing and one for the future," Dickov said.
"He is one for now he is already putting himself in the bracket of one of the best players in England, in Europe and is only going to get better.
"He is like a school kid in the playground that just wants to play football all the time. In that little bit, with his ability, with the talent that he's got with, a huge heart and his attitude.
"He is going to be up there with the very, very best in the world because he's, he's got absolutely everything, and he showed that yesterday [on Sunday against Liverpool]."
Foden, who was named as the PFA's Young Player of the Year last term, ranks third among City midfielders for chances created per 90 minutes in the Premier League this term (2.31).
He also sits second among the club's midfield ranks for Opta-defined 'big chances', creating 0.46 per 90 minutes, with only Kevin de Bruyne (0.87) bettering that total.
Indeed, the 21-year-old started ahead of Raheem Sterling and Riyad Mahrez at Anfield but Dickov thinks Foden can continue to learn from Pep Guardiola's wealth of midfield talent.
"He can score goals and, the scary thing is, he's only going to get better than that the more games that he plays," Dickov continued.
"Being surrounded by players like Kevin De Bruyne and the fantastic players that Manchester City have got, that’s going to take his game to the next level.
"Phil wants to be there and he really wants to be the best in training, he wants to be the best player all the time.
"When you’re in an environment like Manchester City have got, where people are striving to win things all the time, it's only going to make him better and better.
"When you think how good he is now I think in three or four years it's going to be really scary about how good he can be. I just think he's got everything you want and that to be a top-class footballer."