The 29-year-old has been at the club for five years and was frustrated last season as the team failed to return to the English premier league in their first season after relegation.
"
Sometimes you have to move
on in life
"
Sweden's goalkeeper Magnus Hedman
"If I have a good World Cup then my future will be brighter than what it is," said Hedman.
"I obviously don't want to play in the World Cup and then go back to the (English) First Division, it doesn't really make sense, does it?
"I want to have a good World Cup and see what happens.
"I've been there for five years - sometimes you have to move on in life.
"It's the financial side as well. It's the kind of thing I have to discuss with Coventry.
"If they want to keep me we will talk about it when I get back from Japan."
Hedman joined Coventry from AIK Stockholm in 1997.
The imposing goalkeeper is preparing for Sweden's second group F game against Nigeria in Kobe on Friday following the 1-1 draw against England in their opening match.
Argentina are favourites to win group F.