The Italian's contract is not due to expire until after the next European Championships but there has been plenty of speculation that he will quit once England's World Cup campaign is over in South Africa next year. The 61-year-old has claimed there is no intention to quit early and that a second major tournament in Poland and Ukraine remains on his radar.
"My contract ends in 2012 and I want to respect it," he said, ahead of Saturday's friendly with Slovenia at Wembley. "It is not only a matter for me but also the FA but in my mind the target is to respect my contract."
Given the swift sea-change in England's fortunes - going from group-stage elimination in the Euro 2008 qualifiers to seven straight wins to take them to the brink of reaching the World Cup - it is a fair bet the FA would want Capello to stay.
Of more immediate concern for the Italian is securing a place in South Africa, which England will do if they beat Slaven Bilic's men at Wembley on Wednesday. In that sense, Slovenia, with their swift counter-attacking style, represent the perfect warm-up.
What Capello is not expecting to see is an explosion of diving, having been somewhat taken aback by the storm that has erupted over the Eduardo incident at the Emirates Stadium last week.
Arsene Wenger is fuming at the two-match ban UEFA have handed his striker. And Capello admits he is somewhat surprised a match in England should be singled out for such stiff treatment.
"I have seen a lot of games in England but I haven't seen a lot of diving. It is a problem between Arsenal and UEFA but I do not understand why it has been given such coverage," he said.
Coming from Italy, one would expect Capello to be fairly laid-back about a diving culture. However, he insists both during his own playing career and now as a coach, he has always maintained a desire for fair play.
"I prefer sporting players," he said. "Sometimes people try to get an advantage, which depends on a lot of things, including the kind of player. I know the fans here don't like it because when it happens they boo. And I prefer sporting players as well. I am not happy when people start diving."