Eriksson has been tracking Miller for several weeks and thought he had landed the 23-year-old until he suffered a thigh injury in training.
Miller resumed training with Albion last week but Baggies boss Roberto Di Matteo has decided to keep him.
"I don't think they are willing to loan him out at all," Eriksson told the Leicester Mercury. "The latest I heard from them is that they want to keep him."
The Swede added: "We will see what happens. We have a few days to go and the loan window shuts on Thursday but I don't want to talk about certain players."
Source: PA
Source: PA