The Italian has continued to leave the Manchester United striker out of his squads even though the 29-year-old has scored 40 goals for his country, more than any of his rivals.
Capello compared his situation to that of Italy coach Marcello Lippi, who has been criticised for overlooking Sampdoria forward Antonio Cassano. Speaking at a seminar based at Coverciano titled 'Football And Those Who Discuss It', he said: "Cassano? I have Owen. I already have a tormentor, each one has their own."
Owen, who missed the recent World Cup qualifiers against Ukraine and Belarus through injury, has not played for England since early last year and his chances of making it to the World Cup in South Africa look slim.
Capello also ruled out succeeding Lippi in charge of Italy, but admitted a return to Serie A giants Juventus at some point in the future could not be ruled out.
He added: "Coach of the Italian national team? No, never.
"A return to Juventus? You can never say never, in football anything can happy."