The former Three Lions striker thinks that the team were capable of beating Argentina had they not have succumbed to West Germany on penalties in the semi-final.
Lineker told World Soccer magazine: "I do think that in the 1990 semi-final we played very well against a very good German team. We gave as good as we got.
"So, not much between the two but if you get to a shootout in the semi-final of a World Cup then you're a whisker from the final – in which I think we would have had a really good chance.
"Argentina had injuries, they were tired and Diego (Maradona) wasn't the Diego of four years earlier. Looking back, 'regret' would be the wrong word; it would be 'disappointment' and more about the semi-final in 1990 than the quarter-final in 1986 (defeat to Argentina)."
Lineker won the Golden Boot at the 1986 World Cup but his international career ended on a sour note as England crashed out in the group stages of Euro 1992 with a team that he felt was in transition.
The former Match of the Day host said: "By then Graham Taylor had come in as manager and it was a general time of change. Some of the old guard had gone and he left out a few others – like Peter Beardsley and Bryan Robson – probably prematurely.
"We didn't have Chris Waddle by then so we didn't have much creativity in the team. So it's the two World Cups which were the most memorable moments from my time with England."