While commentating during Wednesday's qualifying game between Italy and the Faroe Islands for Italian TV channel Rai, Capello said: "Me to coach England? It would be a challenge, a beautiful test to overcome and I would have the right age."
The 61-year-old, who has also enjoyed successful spells at AC Milan, Juventus and Roma, was recently linked with a move to Tottenham in England's Premier League but Spurs appointed Spanish coach Juande Ramos instead.