Wanderers have lifted themselves out of the relegation zone since Megson left the Reebok Stadium in December, but Tuesday night's 1-0 defeat to Chelsea was their fourth loss in a row.
Owen Coyle's side are now five points above the drop zone with four games to play, and Megson feels they will need to win one of them to guarantee safety.
"They are getting dragged into it a bit," Megson told Sky Sports News.
"Since I've left they have had a few home games that they have won against the teams that were down there such as Burnley and Wigan.
"They've done well to get those results, which have given them a little bit of a cushion, but I still think they would need one more result from the games they've got remaining."
Megson, who is still yet to agree a severance package with the club, admits he is "itching" for a return to management.
"I want to get back," he said. "I have had a couple of opportunities but it is not right at the moment with my circumstances still with Bolton, which doesn't help me.
"I look and see other clubs and what they're doing and I'm itching to get back involved - but it has to be right."
Source: Team Talk
Source: Team Talk