Milicic was due to take the Matildas to the Tokyo Olympics this summer before becoming the inaugural coach of A-League expansion club Macarthur FC for the 2020-21 season.
However, the decision to delay the Olympics for a year meant that Milicic's position was made more complicated.
"It's not confirmed that he is taking us but ... we're under the impression as a team that he will be taking us to the Olympics so we're just preparing as that happens," Foord told ESPN.
The 25-year-old said she hopes Milicic is given the opportunity to manage the Matildas at the Olympics as she has enjoyed working with him since he was appointed in February 2019.
"I think he got us to the Olympics so I think he should be the only one to take us but I guess we'll just have to wait and see," she added
"But I feel pretty confident that he'll take us through."
Foord moved to Arsenal from Sydney FC in January but only featured in two games for the club after the coronavirus pandemic resulted in the suspension of the season.
The Australia international has already made an impact in London though, finding the net in her first outing for the Gunners in their 2-0 win over Lewes FC in February.
"Since I've started playing at international level I've never had a proper rest so that was actually one of the reasons England was so attractive to me," she added.
"Playing a full season and actually having an off season just because I'd never had that.
"For me, it's about getting that spark again."
Foord came up against Australia teammate Sam Kerr, who has also made the switch to WSL in recent months, in the Continental Cup final and said the game was a "massive" moment for both of them.
While Foord would like to see the WSL return and finish out the season, she said it should only do so if it is safe for players.
"The longer it goes on, the less likely it seems," she added.